Resale Agreement for BMR Purchases_20181213

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In the event Agency or its designee does not accept the offer of sale within thirty (30) days of the offer, Owner may offer the residence for sale to anyone, regardless of income criteria. The Owner, however, will be subject to the purchase price provision as contained in Paragraph 7. Buyer (Transferee) will be required to execute an agreement under the terms of which the Transferee shall have the same obligations and duties and agree to be bound by the restrictions as are provided in this Agreement. 7. Purchase Price Closing costs and title insurance shall be paid pursuant to the custom and practice of the Agency at the time of the opening of such escrow. The Purchase Price of the Premises shall be fixed at the lower amount arrived at via the following two methods. a. Agency or its designee shall have an appraisal made by a neutral professional appraiser of its choice to establish the market value. The Owner may also have an appraisal made by a neutral professional appraiser of Owner’s choice to establish the market value. If agreement cannot be reached, the average of the two appraisals shall be deemed to be the market price. b. Ninety Nine Thousand Five Hundred Forty Five ($99,545.00) Dollars plus the amount of any prepayment fees paid by the Owner-Seller at the time said Owner purchased the Premises (base price), plus an amount, if any, to compensate for any increase in the housing component of the San Francisco-Oakland-San Jose, California Consumer Price Index as published periodically by the United States Department of Housing and Urban Development (hereinafter “the Index”). For that purpose, the Index prevailing on the date of the purchase by the Owner-Seller shall be compared with the latest Index available on the date of receipt by Agency of notice of intent to sell. The percentage increase in the Index, if any, shall be computed and the base price shall be increased by that percentage; provided, however, that the price in no event shall be lower than the purchase price paid by the Owner-Seller when he/she purchased the Premises. This adjusted price shall be increased by the value of any substantial structural or permanent fixed improvements, if and only if, such improvements were approved by Agency prior to construction and were constructed with valid building permits. No price adjustment will be made except upon presentation to the Agency of written documentation of all expenditures made by Owner for which an adjustment is requested.