ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT E the affordable sales price, the fair market value or the maximum sales price permitted under the NSP Program at the time of such sale. 6. (a) Prior to the sale of the Property to an income qualified purchaser, Borrower shall not assign or attempt to assign the Agreement or any right therein, nor make any total or partial sale, transfer, conveyance or assignment of the whole or any part of the Property, or any portion thereof or interest therein (referred to hereinafter as a "Transfer"), without prior written approval of the City, except as otherwise permitted in this Note. Consent to one such transaction shall not be deemed to be a waiver of the right to require consent to future or successive transactions. City may grant or deny such consent in its sole discretion and, if consent should be given, any such transfer shall be subject to this Section, and any such transferee shall assume all obligations hereunder and agree to be bound by all provisions contained herein. (b) Any such proposed transferee shall have the experience, qualification and financial responsibility necessary and adequate as may be reasonably determined by the City, to fulfill the obligations undertaken in the Agreement and this Note by the Borrower. Any such proposed transferee, by instrument in writing satisfactory to the City and in form recordable among the land records of Orange County, for itself and its successors and assigns, and for the benefit of the City shall expressly assume all of the obligations of Borrower under the Agreement and Deed of Trust, and agree to be subject to all conditions and restrictions applicable to Borrower in this Note. There shall be submitted to the City for review all instruments and other legal documents proposed to effect any such transfer; and if approved by the City its approval shall be indicated to Borrower in writing. (c) In the absence of specific written agreement by the City, no unauthorized Transfer, or approval thereof by the City, shall be deemed to relieve the Borrower or any other party from any obligations under the Agreement. (d) In the event of a Transfer prior to the time the City Loan is paid in full without the prior written consent of the City, the proceeds resulting from such Transfer shall be paid to the City to the extent necessary to pay in full the principal balance of the City Loan. (e) As used herein, "transfer" includes the sale, agreement to sell, transfer or conveyance of the Property, or any interest therein, whether voluntary, involuntary, by operation of law or otherwise, or similar instrument affecting all or a portion of the Property. "Transfer" shall not include a conveyance of the Property to a limited partnership in which Borrower is a general partner, a limited liability company in which Borrower is the managing member, or to a corporation that is wholly owned by Borrower and that is formed for the sole purpose of owning and operating the Property, or the sale back to Borrower. (f) The term "Sale" means any transfer, assignment or conveyance 3