Laserfiche WebLink
Owner Acknowledgments and Agreements: Owner hereby acknowledges and <br />agrees that taking title to the Inclusionary Unit shall constitute owner's <br />acknowledgement of and agreement to the following: <br />t ,. <br />-A. The Owner shall occupy and continually use the Inclusl ©nary Unit as the <br />Owner's Primary Residence during the Affordability Period. On an annual <br />basis,. the Incluslonary Program Director will send the Owner an <br />[occupancy Recertification Form to be filled out and returned to the City <br />within thirty (30) days of receipt. The Owner shall affirm that they are <br />occupying the Inclusionary Unit as their Primary Residence. The Owner <br />will be required to submit copies of two current utility bills, or other <br />euidence of occupancy that is acceptable to the City, as part of the annual <br />recertification process. <br />I -S. If an Owner vacates the Inclusionary Unit, or for any reason does not <br />continue to occupy the Inclusionary Unit as its Primary Residence, the City <br />may declare the owner In Default pursuant to Article 1- Section I of this <br />Inclusonary Housing Covenants Declaration, and exercise any or all of Its <br />rights and remedies hereunder, Including without limitation the Guy's <br />Purchase Option pursuant to Article 3 - Section II of this Inclusionary <br />Housing Covenants Declaration, <br />II. Resale and Transfer Restrictions <br />II-A. The Inclusionary Unit is being acquired by the Homebuyer at a cost that is <br />below the Fair Market Value for the Inclusionary Unit, and that such <br />Inclusionary Unit is subject to resale restrictions and the City's Purchase <br />Option contained in this Inclusionary Housing Covenants Declaration, Any <br />resale or transfer of the Inclusionary Unit in violation of this tnclusionary <br />Housing Covenants Declaration shall be voidable by the City,. <br />1I -13.. The Owner's right to resell the Inclusionary Unit et the Fair Market Value is <br />very limited, and in certain instances, the City will have the option to <br />purchase: the Inclusionary Unit frorn the Owner at the Affordable Sales <br />Price. <br />Incluslnrrary MSUSIngCuvgrv7e7ts CWalaratlGn �-' Page tg <br />City of Santa Ana Janv fy 2015 <br />25G -49 <br />