ANR HOMES INC. -2009 - Laserfiche WebLink

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ARTICLE I. DEED RESTRICTIONS/AFFORDABILITY REQUIREMENTS 1. Pur,~pose. In accepting these Deed Restrictions, the undersigned Trustor understands and acknowledges that the Property (also referred to herein as the Affordable Unit) is being sold to the Trustor at an Affordable Sales Price in accordance with the Agreements so as to make the Property "affordable" to the Trustor. In return for and in consideration of the opportunity for the Trustor to purchase the Property under the above referenced circumstances and for other good and valuable consideration, the receipt and legal sufficiency of which the undersigned hereby acknowledges, the Trustor on behalf ofhimself/herself and with the express intent to bind all those defined as "Owner", hereby agrees to the following: 2. Method of Sale. A. Procedures to Notify Agency 1. Notice of Proposed Sale. If at any time during the duration of the forty-five (45) year affordability period, the Trustor, as Owner, desires or elects to sell, transfer, convey, assign or otherwise dispose the Property ("dispose"), the Owner may either (a) sell it to a low or moderate income purchaser; or (b) sell it and pay off the City Promissory Note. Owner is required to notify the City in writing to that effect and shall provide such information as the City may reasonably require regarding the proposed sale. Said writing (hereinafter referred to as the "Notice of Intended Sale") shall state the street address of the Property, the Owner's full name(s), the name(s) and existing address of the proposed low or moderate income purchaser, and the terms of the proposed documentation reasonably demonstrating to the City's Deputy City Manager for Development Services that the proposed purchaser qualifies as a low or moderate income household. The Notice, together with the City required information shall be personally delivered or deposited into the U.S. mail, postage prepaid, first class, certified mail, return receipt requested, addressed to: COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA 20 Civic Center Drive (M-37) Santa Ana, California 92702 Attn: Housing Division (2) Submission of Additional Information. Representatives of the City may at any time after the submission of the Notice of Intended Sale request the Owner or the proposed purchaser to provide additional information regarding the proposed purchaser and/or the proposed transaction for the disposal of the Property, and the Owner and/or purchaser shall supply such information as soon as possible. (3) Assumption of Obligations to the City. The Agency determines that if the proposed purchaser is a qualified low or moderate income purchaser, and the proposed terms of sale make the sale price an "affordable purchase price", the City shall allow the disposition of the Property subject to this Deed of Trust. If the City Promissory Note is paid off completely, the long term affordability obligations hereunder shall be released.