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t -E. Proceeds from Permitted Sale, To the extent funds are available, the <br />gross proceeds from a Permitted Sale shall be distributed in the followings <br />priority: <br />Escrow fees, transfer taxes, recording fees, and any other customary non- <br />recurring closing costs <br />2, Brokerage commissions and similar transaction costs; <br />I Repayment of the.outstanding.balance of the Senior Loan;. <br />4, Reimbursement to the buyer of all repair costs funded by the buyer <br />pursuant to this Section; and <br />5. Any remaining amounts shall be paid to the Seller, <br />I-R Personal Property: Any sums paid to an Owner by an Eligible Purchaser <br />for personat property shall not be part of the Affordable Sales Price. Any <br />consideration, of any nature whatsoever, paid by an Eligible Purchaser to <br />the Owner must be fully disclosed to and approved by the City in advance, <br />I- G, Clcsing. <br />1. At closing, the Owner shall convey fee title to the Eligible Purchaser by <br />standard title company form grant deed, <br />2. The Owner shall cause the title company to issue to the Eligible Purchaser <br />a CLTA standard coverage owner's faun of title insurance policy in the <br />amount of the Affordable Sales Price insuring title to the tndusionary Unit <br />is vested' in the Eligible Purchaser, subject to the following exclusions from <br />coverage; <br />a, Current taxes and assessments not yet due; <br />b. This lnclusionary Housing Covenants [declaration and all <br />documents recorded pursuant to this Inclusionary Housing <br />Covenants Declaration; and <br />G, Such other matters (other than encumbrances created or suffered <br />by the Owner) that were exceptions to title on the date of this <br />lnclusionary Housing Covenants Declaration. <br />Inolusisnw� Housing Covenants Delos lon � Page 99 <br />City of Sonia Ana January 2015 <br />32A -91 <br />