ANR INDUSTRIES, INC. (2)-2009 - Laserfiche WebLink

Home Browse Search

(d) Use of the Property as an Owner-Occupied, single family residence. The terms, covenants and restrictions of this Deed and the Promissory Note are incorporated herein by reference. ARTICLE I. DEED RESTRICTIONS/AFFORDABILITY REQUIREMENTS 1. Purpose. 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, so as to make the Property affordable to the Trustor. The Owners hereunder are purchasing this Property with a silent second loan from the Agency through the City of Santa Ana's Neighborhood Stabilization Homeownership Program. Pursuant to this Program, the City and Owner have agreed to impose certain continuing obligations relating to and on the Property. 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 of himself/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 Citv 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 ofIntended 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 of 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 City .RO.DOT Page 3 of 15 2/8/10