Laserfiche WebLink
that the Agency's purpose in restricting the disposition of the Subject Property is to <br />ensure that the Subject Property remains part of the Agency's affordable housing <br />inventory. In light of these purposes, Agency shall no unreasonably <br />withhold, condition or delay approval. of a request by Owner to dispose of the. Subject <br />Property, and shall approve sales or releases to Qualified. Purchasers, as defined in, <br />accordance with and subject to the terms and. conditions of this Attachment to Grant <br />Deed, and any disposition or rental of the Subject Property reasonably requested by <br />Owner as the result of extreme hardship, determined by the Agency in its sole and <br />absolute discretion. Any request for the consent of Agency to a transfer of the Subject <br />Property shall be in writing, and Agency shall approve or disapprove such request, in <br />writing, within ten (10) business days after its receipt of Owner's written request. Any <br />disposal or rental of the Subject Property without the express written consent of the <br />Agency shall be null and void and the Agency shall have the right to seek judicial <br />enforcement hereof. Owner shall use an occupy the Subject Property as his or her <br />principal place of residence immediately upon the close of escrow and shall continue to <br />so use an occupy the Subject Property for the duration of the Owner's ownership thereof, <br />except as provided in this Paragraph 5. <br />6. Permitted Transfers. The following transfers of title or any interest therein <br />shall not require the prior written consent of the Agency: transfer by gift, devise or <br />inheritance to the Owner's spouse or issue; the taking of title by a surviving joint tenant; <br />the transfer of title to a spouse in connection with a divorce or dissolution proceeding; <br />acquisition of title or interest therein in conjunction with marriage; provided, however, <br />that the covenants contained in an the restrictions imposed upon the Owner and the <br />Subject Property by this Grant Deed (including this Attachment) shall continue to <br />encumber and run with the title to the Subject Property following any such transfer. <br />7. Permitted Encumbrances. Notwithstanding Paragraph 5, mortgages, deeds of <br />trusts or any other form of conveyance required for any reasonable method of financing <br />are permitted to be recorded against title to the Subject Property, but only for the purpose <br />of securing loans of funds to be used for financing the acquisition of the Subject Property <br />or construction of improvements on the Subject Property. (Such mortgage, deed of trust <br />or other security instrument shall be referred to herein as a "Mortgage" and the holder <br />thereof shall be referred to as a "Mortgagee"). The Agency agrees that the terms and <br />conditions of this Attachment shall be subject and subordinate to the rights of the <br />Mortgagee under any such Mortgage. <br />8. Runs with the land. Unless otherwise provided by the terms herein, all of the <br />terms and provisions of this Attachment constitute covenants which shall run with the <br />Subject Property, shall further and independently constitute an encumbrance upon the <br />Subject Property, and shall be binding upon the Owner, the Owner's heirs, executors, <br />administrators, successors, transferees and assigns, and all parties having or acquiring any <br />right, title or interest in or to any part of the Subject Property. As long this Attachment <br />has not expired, any attempt to transfer title to any interest in the Subject Property in <br />violation of this Grant Deed (including this Attachment) shall be voidable at the election <br />of the Agency. <br />14 <br />