ANR HOMES INC. -2009 - Laserfiche WebLink

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B. Notice of Default Under Deed of Trust or Mortgage and City's Ri hg t to Enforce. The Owner covenants to cause to be filed in the Office of the Recorder of the County of Orange a request for a copy of any notice of sale or notice of default under any deed of trust or mortgage with power of sale encumbering the Property or any party thereof. Such request shall specify that any such notice shall be mailed to: COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA 20 Civic Center Drive (M-37) Santa Ana, California 92702 Attn: Housing Division C. Disposition of the Property Contrary 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 opening of an escrow between the Owner and a purchaser. If the sale is to a low or moderate income household, the purchaser shall qualify under the same income category as the Owner. The purchaser's qualifications are subject to prior review and approval by the City. C. Affordable Sales Price. Owner shall have the right to sell the Property to another low or moderate income household, for an Affordable Sales Price, for use as owner- occupied housing, or sell it at the fair market price and provide the City with repayment of the City Promissory Note amount. Prior to any resale of the Property, Owner shall provide Notice to the City, as provided above, upon terms and conditions that are mutually acceptable to the City and Owner and in accordance with the following restrictions: (a) The term "Affordable Sales Price" shall mean a purchase price which results in an Affordable Housing Cost to a Low or Moderate Income Purchaser. The 4