75C - PH - FIRST AND PACIFIC PROJECT

Home Browse Search

The City shall have 45 days after receipt by the City of a Notice of Intent to Transfer and other documentation to deliver written notice to the Owner that the City either approves the transfer as an Exempt Transfer or disapproves the transfer. 2. The transfer shall be deemed an Exempt Transfer if the City fails to disapprove the proposed transfer within such 45-day period, fl-B. Owner Obligations: The Owner shall complete the Exempt Transfer, Including recordation of all applicable documents, within 60 days after receipt of approval, or deemed approval, of the transfer. Any such transferee of the fee interest in the Inclusionary Unit shall be bound by and subject to the provisions of this Inclusionary Housing Covenants Declaration and the City Deed of Trust as the Owner and, as a condition to the conveyance of the Inclusionary Unit, shall execute, acknowledge and deliver to the City an Assumption Agreement. 3. The failure to comply with the requirements of this Section in undertaking any transfer of the Inclusionary Unit shall constitute a Default; provided that any transferee of the Inclusionary Unit shall be bound by and subject to the provisions of this Inclusionary Housing Covenants Declaration and the City Deed of Trust as the Owner notwithstanding Its failure to deliver such executed and recordable Assumption Agreement. Ill. Transfer of the Incluslonary Unit without the City's Approval Ill-A. If the City determines that a proposed transfer is a Prohibited Transfer, the Owner shall not transfer the [nclusionary Unit. III-B. Any transfer of an Inclusionary Unit without the City's approval shall be voldalolle. In addition to all other rights and remedies the City may have under this Inclusionary Housing Covenants Declaration, the City shall have the right to exercise the City's Purchase Option. This may be exercised against the transferee or the Owner Linder such Prohibited Transfer. City of Sant i Ana January 2015 75C -130