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2025-020 - Density Bonus Agreement No. 2025-02 for Townhome Developement
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2025-020 - Density Bonus Agreement No. 2025-02 for Townhome Developement
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Last modified
6/12/2025 4:14:58 PM
Creation date
6/12/2025 4:13:56 PM
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City Clerk
Doc Type
Resolution
Agency
Planning & Building
Doc #
2025-020
Item #
19
Date
6/3/2025
Destruction Year
P
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parties terminate and/or rescind the sales contract and/or declare the sale void notwithstanding the <br /> fact that the Transfer may have closed and become final as between Homebuyer and Transferee. <br /> d. Written Consent of City Required Before Transfer. During the <br /> Affordability Term,the purchase sale agreement or other contract for Transfer of the Property,and <br /> the Income Verification Form, shall be provided to the City, which shall have at least thirty (30) <br /> days to review. The Property, and any interest therein, shall not be conveyed by any Transfer <br /> except with the express written consent of City, which consent shall be given only if the Transfer <br /> is in accordance with the provisions of this Agreement The Property,and any interest therein,shall <br /> not be conveyed by any Transfer except with the express written consent of City, which consent <br /> shall be given only if the Transfer is in accordance with the provisions of the Affordable Housing <br /> Resale Restrictions. <br /> e. Notice of Prohibited Transfer. Within thirty (30) days after receiving all <br /> information required by the Affordable Housing Resale Restrictions,the City shall determine and <br /> give notice to Homebuyer as to whether the City consents to the Transfer as a Permitted Transfer, <br /> or if the City determines the proposed Transfer is a Prohibited Transfer. Any attempt to Transfer <br /> the Property without the City's written approval, or after the City has given notice of a Prohibited <br /> Transfer, shall be a Default of this Agreement, and the City may apply to a court of competent <br /> jurisdiction for specific performance of this Agreement, for an injunction prohibiting a proposed <br /> sale or Transfer in violation of this Agreement, for a declaration that the Prohibited Transfer is <br /> void, or for any such other relief as may be appropriate. <br /> f. Delivery of Documents. Upon the close of the proposed Transfer, <br /> Homebuyer and Transferee, as applicable, shall provide the City with a copy of the final sales <br /> contract, settlement statement, escrow instructions, all required certificates, and any other <br /> documents City may request." <br /> 8. The Affordable Housing Resale Restrictions and the Density Bonus agreement both <br /> remain in full force and effect and are not amended or altered in any manner whatsoever by this <br /> Notice of Affordability Restrictions. <br /> 10. Capitalized terms shall have the meaning established under the Density Bonus <br /> Agreement or the Affordable Housing Resale Restrictions (including all Attachments or Exhibits <br /> thereto) excepting only to the extent as otherwise expressly provided under this Notice of <br /> Affordability Restrictions. <br /> 11. Persons having questions regarding this Notice of Affordability Restrictions, the <br /> Affordable Housing Resale Restrictions or the Density Bonus Agreement should contact City to <br /> obtain copies. <br /> HOMEBUYER: <br /> By: <br /> By: <br /> Page 73 <br /> Exhibit G <br /> 553 94.00 101\4372495 1.1 <br />
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