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

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income household, the purchaser shall qualify under the same income category as the Owner. The purchaser's qualifications are subject to prior review and approval by the City. C. Affordable Sales Price. Owner shall have the right to sell the Property to another low or moderate income household, for an Affordable Sales Price, for use as owner- occupied housing, or sell it at the fair market price and provide the City with repayment of the City Promissory Note amount. Prior to any resale of the Property, Owner shall provide Notice to the City, as provided above, upon terms and conditions that are mutually acceptable to the City and Owner and in accordance with the following restrictions: (a) The term "Affordable Sales Price" shall mean a purchase price which results in an Affordable Housing Cost to a Low or Moderate Income Purchaser. The Affordable Sales Price for Low Income households will be the product of30% times 65% of the Area Median Income adjusted for family size appropriate for the unit. For Moderate Income households, the Affordable Housing Cost will be the product of 35% times 100% of the Area Median Income, adjusted for family size appropriate for the unit. (b) Prior to any resale of the Property, Owner shall provide Notice to the City, as provided above. (c) If the Property is sold to a low or moderate income household, the Deed of Trust from Owner to any such proposed purchaser shall restrict the use of the Subject Property to owner-occupancy, and shall restrict subsequent resales of the subject Property to a Qualified Purchaser, at an Affordable Sales Price, who agree to occupy the Property as their principal place of residence. This restriction shall continue to apply for the entire period of affordability . 4. Severability. The provisions of this Deed of Trust, including without limitation, shall be deemed independent and severable, and a determination of invalidity or partial invalidity or unenforceability of anyone provision or portion hereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provisions hereof. ARTICLE II. GENERAL CONDITIONSIMAINTENANCE 1. Maintenance. The Trustor agrees that at all times prior to the date upon which the Loan Amount has been fully repaid to the Beneficiary and all other obligations the performance of which is secured by this Deed of Trust have been satisfied (the "Expiration Date") the Trustor will, at the Trustor's own expense, maintain, preserve and keep the Property or cause the Property to be maintained, preserved and kept in a condition substantially similar to other residential property similar in size, character, and quality to the Property consisting only of those uses allowed by the Agreement. The Trustor will make or cause to be made all repairs, replacements and renewals deemed proper and necessary by Trustor. The Beneficiary shall have no responsibility in any of these matters or for the making of improvements or additions to the Property. Owner, or its successor or assigns, shall maintain the Property in compliance with all applicable housing quality standards, and all applicable local code requirements, and shall keep the Property free from any unreasonable accumulation of debris or waste materials. All graffiti City.HO.DOT Page 5 of 15 2/8/1 0