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STATION DIST DDA WITH CRA
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STATION DIST DDA WITH CRA
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7/29/2020 4:28:28 PM
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9/27/2010 1:29:49 PM
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(iii) The form of Developer's purchase and sale agreement, <br />marketing materials, draft disclosure documents, and scope/personnel/method for housing <br />counseling to and for prospective Homel u ers of Affordable For-Sale Units shall be provided to <br />the Agency Bxecutive Director for review and approval prior to the issuance of the first building <br />permit for the Project. <br />(iv) In connection with the Developer's marketing efforts and <br />its obligation to provide hou s mg counseling and appropriate disclosure to prospective <br />H o m ebu a rs of Affordable For-Sale Units is as described in subsection above, the Agency <br />acknowledges that it will assist the Developer in a limited role in that the Agency staff' will be <br />reasonably available for reasonably limited times to receive and answer quest ions of prospective <br />Ho mebu ers, but only as to those prospective Home u ers who have been previously screened <br />and evaluated by the Developer or its agent) as a Moderate Income Household meeting the <br />criteria established herein as potentially qualified to purchase an Affordable For-Sale Unit as <br />well as reviewed preliminarily as to and regarding credi t orth i n s and eligibility to apply for <br />and obtain a first lien mortgage to purchase are Affordable For-Sale Unit. t. Nothi n in the <br />foregoing statement regarding t h A gent ' s limited role in housing counseling shall obligate, <br />involve, or require Agency or City) or any of thoir staff, consultants, or counsel to assist in the <br />marketing, housing counseling, disclosure, or sale of any For -Sale Units to any prospective or <br />actual buyer, or selection of such buyer, which is and shall remain the Developer's sole legal, <br />contractual, and Financial responsibility. <br />(c) The sale of each Affordable For-Sale Unit by the Developer to an <br />eligible Homebu firer shall be subject to the satisfaction, or waiver by the Agency Executive <br />Director f the following conditions precedent numbered i through x inclusive: <br />(i) Association CC&R. Pursuant to the requirements of <br />Section 402(b) of this Agreement, the Developer shall have or caused to have prepared, <br />approved, executed, formed, and caused to be recorded the Dectaration of Covenants, Conditions <br />and Restrictions for the homeowners association (the "'Association") for the For-Sale Portion of <br />the Project (the "Association s" ) prior to issuance of the first certificate f occupancy <br />(temporary or permanent for any Housing Unit (whether or not such Hou s ire g Unit is restricted <br />pursuant to the terms of this Agreement ) within the For-Sale Portion of the Project. <br />(ii) For -Sale Unit Conipleted. The applicable <br />Affordable For-Sale Unit shall have been completed, as evidenced by issuance of the certificate <br />of occupancy for such Affordable For -Sale Unit. <br />(iii) The H o rnebu r' s purchase of the Affordable For- <br />Sale Urdt .shall be transacted through an escrow with an escrow bolder satisfactory to the <br />Developer and Agency Executive Direc tor. Costs for such escrow shall be charged to and <br />deducted from the proceeds of the Homebufirer Assistance Loan. <br />(N) Escrow Instructions. The Agency Executive Director or <br />his or her designee) shall have approved the instructions for the Homebu er' s escrow. It is <br />anticipated that the Agency Executive Dec f or or his or her designee) will approve such <br />instructions within fifteen 1 days after receipt of a complete package of escrow instructions <br />44 <br />D OC S OCJ 14 00 7 3 v 14/2 72 -0001 <br />
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