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1. Permitted Sale <br />I-A, Notice of Permitted Sale: If an Owner desires to sell the Incluslonary Unit, <br />the Owner shall provide City with a Notice of Intent to Sell in the form <br />attached as Exhibit 5: <br />Within fifteen (15) business days after receipt of such Notice, City shall <br />provide the Owner with the Affordable Sales Price and the maximum <br />incomes of Eligible Purchasers. <br />2. The Owner shall market the Incluslonary Unit to Eligible Purchasers for a <br />period of not less than ninety (90) days from providing the Notice. <br />1 If the Owner is unable to locate an Eligible Purchaser who is ready, willing <br />and able to enter into a purchase agreement for the Inclusloniry Unit <br />within the go-day period: <br />a. The Owner must demonstrate to the Incluslonary Program Director <br />that all reasonable efforts were made to diligently market the <br />Incluslonary Unit. <br />b. If the Inclusionary Program Director determines that adequate <br />marketing efforts were pursued, the City shall have 30 days from <br />after the expiration of the period to exercise City's Purchase Option <br />Linder Article 3 - Section It. <br />C. If the City does not exercise the City's Purchase Option, the Owner <br />may sell the Incluslonary Unit to a buyer is not an Eligible <br />Purchaser under the Extraordinary Sale terms identified in Article 3 <br />- Section Ill. <br />I-B. Inspection and Repair Costs: Upon receipt of a Notice of Intent to Sell, <br />the City shall have the right to inspect the Indusionary Unit to determine <br />whether any violations of applicable laws or ordinances exist. <br />The City may hire a third party to undertake the Inspection, <br />InGWIonory HousIng Govenanli Dodarntion <br />My of Santa MA <br />75C -131 <br />Pago 17 <br />January 1015 <br />