Laserfiche WebLink
"Request for Notice" means the Request for Notice of Default attached hereto as <br />Attachment No. 3 and incorporated herein. <br />"Restriction" means this Affordable Housing Resale Restriction. <br />"Sales Price" means the sum to be paid by a Transferee for the Transfer of the Property. <br />"Transfer" shall mean any sale, assignment, conveyance, lease or transfer, voluntary or <br />involuntary, of any interest in the Property. Without limiting the generality of the foregoing, <br />Transfer shall include (i) a transfer by devise, inheritance or intestacy to a party who does not <br />meet the definition of a Moderate Income Household; (ii) a life estate; (iii) creation of a joint <br />tenancy interest; (iv) a gift of all or any portion of the Property; or (v) any voluntary conveyance <br />of the Property. Transfer shall not include transfer to a spouse in a dissolution proceeding. <br />"Transferee" shall mean any natural person or entity who obtains ownership or <br />possessory rights in the Property pursuant to a Transfer. <br />2. Restrictions on Sale of Property. Homebuyer covenants and agrees that during <br />the Affordability Period, each subsequent resale of the Property by the then-owner thereof shall <br />be to a Moderate Income Household at an Affordable Housing Cost; provided, however, that <br />Homebuyer, in Homebuyer's sole discretion, may elect to transfer the Property at a price in <br />excess of an Affordable Housing Cost during the Affordability Period thereby causing an <br />acceleration under Section l.f of the Agreement, in consideration for Homeowner's payment to <br />Agency of the Contingent Equity Participation Amount as set forth in Section 3 of the <br />Agreement. <br />3. Homebuyer's Representations and Warranties as to the Sale of the Property <br />to Homebuyer. Homebuyer represents and warrants to Agency that the financial and other <br />information which Homebuyer has provided to Agency with respect to Homebuyer's income and <br />the purchase price of the Property was true and correct at the time such information was <br />provided, and remains true and correct as of the Date of this Restriction. <br />4. Permitted Sales of the Property. Agency hereby permits sales of the Property to <br />proposed Transferees who are Moderate Income Households, and are approved in accordance <br />with this Section 4, provided the Sales Price does not exceed an Affordable Housing Cost to such <br />proposed Transferee ("Permitted Transfers"). In the event that Homebuyer desires to Transfer <br />the Property during the Affordability Period, prior to the Transfer the owner shall notify Agency <br />by delivering a Notice of Intent to Transfer to Agency, which shall indicate the identity of the <br />proposed Transferee who desires to purchase the Property, whether the purchaser is a Moderate <br />Income Household, and whether the sales price is at an Affordable Housing Cost. In addition to <br />Homebuyer's and the proposed Transferee's delivery of the Notice of Intent to Transfer, the <br />following procedure shall apply: <br />a. Notice to Agency. Homebuyer shall send the Notice of Intent to Transfer <br />to Agency at the address set forth in Section 24. <br />b. Qualification of Proposed Transferee. The proposed Transferee shall <br />provide Agency with sufficient information in the form provided by Agency including without <br />EXHIBIT D-4 TO ATTACHMENT NO. I 1 <br />Affordable Housing Resale Restriction <br />DOCSOG 1400673v 14/200272-0001