Resale Agreement for BMR Purchases_20181213

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iv. Owner shall notify Agency in writing of his/her/their intention to place the property for sale. Agency will, within 10 days of the receipt of notification, advise owners and any agent engaged by the Owner for the sale of the Residence, of the Purchase Price as set forth in Paragraph 7. B. Encumbrancing or hypothecation i. Owner may not further encumber, refinance, or otherwise hypothecate the property TO EXCEED 100% of the Purchase Price as set forth in Paragraph 7. ii. Prior to the completion of further encumbrancing, refinancing, or other hypothecation of the Residence, Owner(s) will notify Agency in writing of the name and address of the lender, and the proposed terms of the further encumbrancing, refinancing, or hypothecation. Agency will, within 10 days of such notification, advise lender of the Purchase Price as set forth in Paragraph 7. 5. Procedure on Sale Whenever Owner, (Owner also refers to an Owner’s successors in interest as set forth in Paragraph 3) of said Premises no longer desires to own said Premises, Owner shall notify Agency in writing to that effect. Agency, its designee or assignee, upon receipt of said notice, shall then have the right to exercise its right to purchase said Premises by delivery of written notice, to the Owner thereof at any time within thirty (30) days from the receipt by Agency of such written notice from Owner of intent to sell or dispose of the Premises. The notices provided for herein shall be delivered to the party in person, or by the deposit of postage prepaid certified mail, return receipt requested, to the party at the address in Paragraph 18 below. If the Agency, its designee or assignee exercises its right to purchase said Premises, close of escrow of said purchase shall be within sixty (60) days of the opening of such escrow by either party. Said escrow shall be opened upon delivery to Owner of written notice of the exercise of the option or as soon thereafter as possible. In the event Agency decides to assign the right to purchase provided herein, Agency may postpone opening of escrow until selection of such assignee or as soon thereafter as possible, provided that the opening of escrow shall occur no later than thirty (30) days after the Owner is notified of the Agency’s exercise of its right to purchase. In the event Agency postpones opening of escrow and is unable to select such an assignee, Agency retains the right to open escrow and complete the purchase provided that such escrow is opened within thirty (30) days and the sale transaction is completed within ninety (90) days from the Owner’s notice of intent to sell.