Laserfiche WebLink
Base Price Method. <br />The purchase price paid by Owner (Two Hundred Fifty Three Thousand Dollars and no cents) <br />($253,000), plus the amount of any prepayment fees paid by the Owner -Seller at the time said Owner <br />purchased the Premises ("base price"), plus the lesser of either (i) the rate of increase of Area Median <br />Income during the seller's ownership; or (ii) any increase in the housing component of the San Francisco - <br />Oakland metropolitan area Consumer Price Index as published periodically by the United States <br />Department of Housing and Urban Development (hereinafter the "Index"). For that purpose, the Index <br />prevailing on the date of the purchase by the Selling Owner of said Premises shall be compared with the <br />latest Index available on the date of receipt by City of notice of intent to sell. The percentage increase in <br />the index, if any, shall be computed and the base price shall be increased by that percentage. Owner <br />understands and agrees that Owner shall sell the Property at the deed restricted price or at a lower price if <br />market conditions dictate that the Property must be sold at a lower price than the deed restricted price, <br />In no event shall City become in any way liable to Owner, nor become obliged in any manner, by <br />reason of the assignment of City's right to purchase, nor shall City be in any way obligated or liable to <br />Owner for any failure of City's assignee to consummate a purchase of the premises or to comply with the <br />terms of any purchase and sale agreement. <br />12. Adjustments to Base Resale Price. Subject to the Affordable Housing Cost restriction <br />described in subsection (d) below, the Base Resale Price shall be increased or decreased, as applicable, <br />by the following adjustment factors ("Adjustment"): <br />a. Capital Improvements. An increase for capital improvements made to the <br />Property by Owner, but only if the amount of said improvements had been previously accepted in writing by <br />the City after original written documentation of the cost was provided to the City for verification. The amount <br />of the Adjustment shall equal the original cost of any such capital improvements depreciated on a straight- <br />line basis based upon the estimated useful life of the improvement stated in the City's prior written <br />acceptance of said improvement. <br />b. Damages. A decrease by the amount necessary to repair damages to the <br />Property, if any, and to place the Property into saleable condition as reasonably determined by the City, <br />including, without limitation, amounts attributed to cleaning; painting; replacing worn carpeting and <br />draperies; making necessary structural, mechanical, electrical and plumbing repairs; and repairing or <br />replacing built-in appliances and fixtures. <br />C. Advances by the City. A decrease in an amount equal to the sum of all costs <br />advanced by the City for the payment of mortgages, taxes, assessments, insurance premiums, <br />homeowner's association fees and/or associated late fees, costs, penalties, interest, attorneys' fees, pest <br />inspections, resale inspections, fixing violations of applicable building, plumbing, electric, fire, or other <br />codes, and other expenses related to the Property, which Owner has failed to pay or has permitted to <br />become delinquent. <br />d. Adjusted Resale Price Not to Exceed Affordable Housing Cost. The Base Resale <br />Price as adjusted, is hereinafter referred to as the "Adjusted Resale Price," Notwithstanding any other <br />783016-2 112310 7 <br />