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

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(2) Submission of Additional Information. Representatives of the City may at any time after the submission of the Notice ofIntended 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 City 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 (45 year restriction) hereunder shall be released. B. Notice of Default Under Deed of Trust or Mortgage. and City's Right to Enforce. The Owner covenants to cause to be filed in the Office of the Recorder of the County of Orange a request for a copy of any notice of sale or notice of default under any deed of trust or mortgage with power of sale encumbering the Property or any party thereof. Such request shall specify that any such notice shall be mailed to: COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA 20 Civic Center Drive (M-37) Santa Ana, California 92702 Attn: Housing Division C. Disposition of the Property Contrary to Agreement. If the Owner disposes of the Property contrary to this Deed of Trust, the City shall at any time thereafter, at its election, have the right to declare such disposition or other act null and void and/or seek enforcement of the terms and conditions hereof in any manner allowed by law or equity. 3. Terms of Purchase. Upon any sale of the Property, the following provisions shall govern: A. Escrow. The Owner acknowledges and agrees that the percentage amount of any deposit required pending close to escrow shall not exceed that customarily required for the purchase ofresidential units in the City of Santa Ana at the time of the escrow. Closing costs shall be allocated between buyer and seller according to the customary practices in the City of Santa Ana in effect at the time of an offer to purchase. The Owner shall agree to reasonable terms of sale which are consistent with promoting the purpose of this Deed of Trust. B. Condition to Close of Escrow. The escrow instructions may provide for conditions or contingencies of the type or nature commonly included within residential purchase escrows (including, but not limited to, financing contingencies, inspection rights, and preliminary title report approvals) to the obligation of the purchaser to purchase the Property from the then Owner, provided that any such conditions or contingencies (other than the status of title to the Property at the time of conveyance and other conditions which by their nature cannot be satisfied prior to closing) must be satisfied or waived on or before sixty (60) days after the opening of an escrow between the Owner and a purchaser. If the sale is to a low or moderate City.HO.DOT Page 4 of 15 2/8/1 0