Laserfiche WebLink
(a) For purposes of this Attachment, the term "Affordable <br />Purchase Price" shall mean the purchase price which results in an Affordable Housing <br />Cost to a Lower Income purchaser. "Affordable Housing Cost" shall mean housing costs <br />(including mortgage payments, a reasonable utility allowance and similar costs) which do <br />not exceed 30 percent times 70 percent of the area median income adjusted for family <br />size appropriate for the unit, pursuant to California Health and Safety Code Section <br />50052.5(b) (3) and the regulations promulgated by the California Department of Housing <br />and Community Development thereunder. <br />(b) Prior to any such resale of the Subject Property, Owner shall <br />provide Notice to the Agency, as provided in Paragraph 2.A., above. <br />(c) The grant deed from Owner to any such proposed purchaser <br />shall restrict the use of the Subject Property to owner-occupancy, and shall restrict <br />subsequent resales of the Subject Property to Qualified Purchasers, at an Affordable <br />Housing Cost, who agree to occupy the Subject Property as their principal place of <br />residence. This restriction shall continue to apply until the forty fifth (45th) anniversary <br />of the issuance of the Certificate of Occupancy for the Subject Property. <br />(d) To implement this Paragraph 3, Owner agrees that the grant <br />deed conveying the Subject Property to any such proposed Qualified purchaser shall be <br />substantially in the form of this Grant Deed, including this Attachment. <br />4. Limits on Liability. The Agency shall not be liable to the Owner or become <br />obligated in any manner to the Owner by reason of the enforcement of these Deed <br />Restrictions, nor shall the Agency be in any way obligated or liable to the Owner for any <br />failure of any Qualified Purchaser to consummate a purchase of the Subject Property or <br />to comply with the terms of any agreement of escrow for the sale of the Subject Property. <br />Only the purchaser executing a purchase agreement or escrow instruction shall be liable <br />to the Owner pursuant to the terms of any such agreement or escrow instructions. Neither <br />the City nor the Agency shall be liable or responsible for any defect in the condition of <br />the Subject Property of whatever nature and the Owner agrees to release the City and the <br />Agency from any such liability and/or responsibility and further agrees to hold the City <br />and the Agency harmless from any claim or cause of action brought by third parties <br />arising out of any such defect. <br />5. Transfers and Conve aces. Until such time as this Attachment is released by <br />the Agency, or expires, the Subject Property and any interest in title thereto shall not be <br />disposed of or rented to any person or entity except with the express written consent <br />consent of the Agency (except for Permitted Transfers, as provided in Paragraph 6, or <br />Permitted Encumbrances, as provided in Paragraph 7, which do not require the consent of <br />Agency. Owner acknowledges that its purchase of the Subject Property is being assisted <br />with financial assistance made available by the Agency, which is available exclusively <br />for the purpose of increasing, improving or preserving the community's supply of low <br />and moderate income housing, in accordance with applicable state and federal laws, and <br />13 <br />