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I -E. Proceeds from Permitted Sale: To the extent funds are available, the <br />gross proceeds from a Permitted Sale shall be distributed in the following <br />priority: <br />1. Escrow fees, transfer taxes, recording fees, and any other customary non- <br />recurring closing costs; <br />2. Brokerage commissions and similar transaction costs; <br />3. 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 -F. Personal Property: Any sums paid to an Owner by an Eligible Purchaser <br />for personal 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. Closing: <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 form of title insurance policy in the <br />amount of the Affordable Sales Price insuring title to the Inclusionary 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 Inclusionary Housing Covenants Declaration and all <br />documents recorded pursuant to this Inclusionary Housing <br />Covenants Declaration; and <br />C. Such other matters (other than encumbrances created or suffered <br />by the Owner) that were exceptions to title on the date of this <br />Inclusionary Housing Covenants Declaration. <br />Inclusionary Housing Covenants Declaration Page 19 <br />City of Santa Ana January 2015 <br />