Laserfiche WebLink
writing to that effect (the "Notice of Intent to Transfer"). The Notice of Intent to Transfer shall state the <br />street address of the Property, Owner's full name or names, the address and telephone number at which <br />Owner shall be contacted if not at the Property; and shall be delivered personally or deposited in the United <br />States mail, postage prepaid, certified -return receipt requested, addressed to the City of at 835 E. 14th <br />Street, San Leandro, CA, 94577 Attn: City Manager. The Notice of Intent to Transfer shall be in <br />substantially the form attached hereto as Exhibit B. In the case of a proposed sale of the Property to a <br />prospective purchaser, the Owner shall submit to the City, together with the Notice of Intent to Transfer, a <br />copy of the prospective purchaser's income certification, a list of all assets owned by the prospective <br />purchaser, and other financial information reasonably requested by City, in a form approved by the City, <br />along with the income certification to be provided to any lender making a loan to the prospective purchaser. <br />The City may require documentation evidencing and supporting the income and other financial information <br />contained in the certifications. <br />b. Notice of Exercise. Upon the occurrence of any Option Event, the City may <br />exercise its Option by delivering notice ("Notice of Exercise") to Owner of its intent to exercise such <br />Option pursuant to the terms of this Agreement. The Notice of Exercise may be in the form attached hereto <br />and incorporated herein as Exhibit C or in such other form as the City may from time to time adopt. The <br />Notice of Exercise shall be delivered by deposit in the United States mail, postage prepaid, first-class, <br />addressed to Owner at the Property, or at such other address as may be indicated on the Notice of Intent to <br />Transfer, and delivery shall be deemed effective five (5) calendar days following the date of deposit. If the <br />Option Event relates to the potential foreclosure of a mortgage under Sections 5(d), (e) or (f), then the City <br />shall also deliver the Notice of Exercise to the mortgagee or beneficiary under such mortgage, at such <br />mortgagee's or beneficiary's address of record in the Office of the Recorder of Alameda County. <br />C. Notice of Consent to Transfer. If the City does not exercise the Option, it may give <br />its consent to the occurrence of the Option Event ("Consent to Transfer"). If the Option Event involves a <br />proposed sale of the Property to a prospective purchaser, the City's consent shall be conditioned upon (i) <br />the proposed purchaser's qualification as an Eligible Household; (ii) the sale of the Property at a price not to <br />exceed the Adjusted Resale Price; (iii) the proposed purchaser's execution of a Disclosure Statement in the <br />form attached hereto as Exhibit D or such other form or forms as may be promulgated by the City; and (iv) <br />the proposed purchaser's assumption of Owner's duties and obligations under this Agreement pursuant to <br />a written assumption agreement in a form acceptable to City, or execution of an agreement substantially <br />similar to this Agreement, within thirty (30) days after the Consent to Transfer has been delivered to Owner. <br />If the prospective purchaser (1) fails to qualify as an Eligible Household, (2) fails to execute and deliver the <br />Disclosure Statement to the City, or (3) fails to execute and deliver to the City an assumption agreement or <br />an agreement substantially similar to this Agreement within such thirty (30) day period, then the Consent to <br />Transfer shall expire and the City may, at its option, either notify Owner of the disqualification, thereby <br />entitling Owner to locate another purchaser who qualifies as an Eligible Household, or exercise the Option, <br />as if no Consent to Transfer had been delivered. <br />d. Time Period for Notice. The City shall deliver a Consent to Transfer, if applicable, <br />not later than thirty (30) days after the date that it receives notification of an Option Event, The City shall <br />deliver a Notice of Exercise, if applicable, on or before the date which is the later to occur of the following: <br />(i) thirty (30) days after the date that the City receives notification of an Option Event or (ii) fifteen (15) days <br />after a Consent to Transfer has expired. For purposes of computing commencement of the delivery <br />periods, the City shall be deemed to have notification of an Option Event on the date that it actually <br />receives written Notice of Intent to Transfer, notice of default, summons and complaint or other pleading, or <br />783016-2 112310 4 <br />