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04 - JOINT PH - Habitat DDA
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04 - JOINT PH - Habitat DDA
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City Clerk
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Agenda Packet
Item #
04
Date
3/21/2011
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to the Purchaser and the entire explanation and execution of said document must be videotaped <br />by the Developer. A copy of said videotape shall be placed on a CD which shall be kept by the <br />Developer and the Agency. <br />b.the Notice of Affordability on Transfer of Property (which shall be for a term of <br />at least forty-five (45) years which is attached hereto as Exhibit G); <br />c. the Agency Promissory Note (attached hereto as Exhibit O ). The principal <br />amount of the Agency Promissory Note shall be in an amount equal to the difference between the <br />sales price of the Affordable Unit and the fair market value of such unit as if no restriction were <br />placed thereon, as determined by the sales price of equivalent unrestricted units on the Sites at <br />the time of such sale. If there are no equivalent unrestricted units on the Sites at the time of sale, <br />the fair market value of the unit shall be determined by appraisal which is reasonably acceptable <br />to the Agency; <br />d. Agency Deed of Trust (attached hereto as Exhibit P); and, <br />e. the Homebuyer Loan Agreement (attached hereto as Exhibit Q). <br />403.5 Affordable Housing Property Tax. Developer shall be responsible for <br />applying to the County of Orange to request that the property tax be based on the restricted value <br />with the affordability covenants that are recorded against each Affordable Unit. <br />403.6 Maintenance. The Affordability Restrictions on Transfer of Property and <br />the Affordable Housing Agreement shall require each of the households to maintain their <br />property in conformance with local and state requirements. <br />403.7 Reasonable Efforts to Sell Affordable Units. The Developer agrees to <br />exercise reasonable efforts consistent with prudent business practices to sell all of the Houses <br />developed on the Sites to owner-occupants as soon as practical following the completion of the <br />construction. The Developer agrees that the Houses developed on the Sites shall not be sold to <br />the Developer or any patty/employee related to the Developer. <br />404. Transfer to Homebuyer. Developer shall transfer each completed House to a <br />qualified Homebuyer no later than one (1) year after Closing of the Phase in which such House <br />in included. <br />405. Nondiscrimination Covenants. Developer covenants by and for itself and any <br />successors in interest that, upon Developer's acquisition of the Sites and during the period of <br />Developer's ownership thereof there shall be no discrimination against or segregation of any <br />person or group of persons on account of race, color, creed, religion, disability, sex, marital <br />status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or <br />enjoyment of the Sites, nor shall Developer itself or any person claiming under or through it <br />establish or permit any such practice or practices of discrimination or segregation with reference <br />to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or <br />vendees of the Sites. Developer shall refrain from restricting the rental, sale or lease of the Sites <br />on the basis of race, color, religion, disability, sex, marital status, anceshy or national origin of <br />any person. <br />30 EXHIBIT 4 <br />
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