ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT B Beneficiary. In the event such rights are granted, the Trustor shall promptly so advise the Beneficiary in writing. Article II. DEED RESTRICTIONS/AFFORDABILITY REQUIREMENTS 1. Purpose. In accepting the Deed Restrictions, the undersigned Trustor understands and acknowledges that the Property acquisition is being financed, in part, due to a loan provided by the City of Santa Ana ("City") in accordance with the Agreement so that the Property can be rehabilitated and sold in accordance with the Neighborhood Stabilization Program ("NSP") guidelines to a low or moderate income homebuyer. In return for and in consideration of the opportunity for the Trustor to acquire 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 City_ Trustor agrees to make available, restrict occupancy to, and sell each of the NSP Assisted Units to Low or Moderate Income Households (as that term is herein defined) at an Affordable Housing Cost. In addition, the Trustor agrees to cooperate with the City in any subsidized loan program the City may in its sole discretion make available to Low or Moderate Income Household purchasers of some or all of the NSP Assisted Units. Trustor shall comply with all sections of the Agreement pertaining to sale of the Units. B. Disposition of the Subject Property Contrar 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 of residential 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 4