Laserfiche WebLink
Exhibits The following exhibits are attached to this Inclusionary Housing <br />Covenants Declaration and incorporated herein by this reference: <br />1. Exhibit 1: Property Description <br />2. Exhibit 2: Occupancy Recertification Form <br />3. Exhibit 3: Notice of Intent to Transfer <br />4. Exhibit 4: Assumption Agreement <br />5. Exhibit 5: Notice of Intent to Sell <br />6, Exhibit 6: Notice of Extraordinary Sale <br />Extraordinary Sale means a sale of the Inclusionary Unit to a buyer who is not <br />an Eligible Purchaser, when an Eligible Purchaser has not been secured within <br />the timeframes required by this Inalusionary Housing Covenants Declaration, and <br />the City has opted not to exercise the City's Purchase Option within the <br />tlmeframes allowed pursuant to this Inclusionary Housing Covenants declaration. <br />Extraordinary Sates Price means the gross sales proceeds generated by an <br />Extraordinary Sales executed under the terms included In Article 3 - Section III of <br />this Inclusionary Housing Covenants Declaration. <br />Fair Market Value means the value of the Inclusionary Unit under normal <br />circumstances in which the seller and the buyer freely negotiate the terms of the <br />transfer of ownership. The Fair Market Value must be established by a licensed <br />Real Estate agent based on three comparable properties. <br />Gross Household Income means all income from whatever source from all <br />Adult Household members, which is anticipated to be received during the 12- <br />month period following the date of the determination of Gross Income. The <br />applicable sources of income are defined In California Code of Regulations Title <br />25 Housing and Community Development Section 6914. The definition includes <br />the following specific requirements: <br />1. Except as provided in subdivision (2), all payments from all sources <br />received by the head of Household (even If temporarily absent) and each <br />additional member of the Household who is not a minor shall be included <br />In the annual income of a Household. Gross Income shall include, but not <br />be limited to: <br />__ - --- - _....._._ <br />Incluslnnary Nausin� Cc+verrunCS �aohratirnt Pale G <br />Illy of Santa lino January 2015 <br />75C -120 <br />