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2. The inspection shall take place within fifteen (15) days after receipt of the <br />Notice of Intent to Sell, <br />3. The City shall undertake the inspection at a reasonable time, and provide <br />the Owner with at least 24 advance notice prior to the inspection, <br />4. In the event any violations are discovered, within thirty (30) days, the City <br />shall provide the Owner with a written report describing the necessary <br />repairs. <br />5, The Owner shall have the option to either: <br />a. Repair or replace the items on such report at Owners cost prior to <br />closing, without extending the closing date; or <br />b. At closing, cause the escrow holder to pay the repair costs to the <br />buyer out of Seller's gross proceeds of the sale. <br />6. If an Owner elects to repair or replace the items on such report, the City <br />shall have the right to re-inspect the Inclusionary Unit after the repairs <br />and/or replacements are complete. if City determines that deficiencies still <br />remain, the Owner shall cause the escrow agent at closing to pay to buyer <br />from Seller's gross proceeds the repair costs in such amounts as the City <br />determines are necessary to complete the remaining repairs and/or <br />replacements. The City's determination shall be final. <br />1-0. Sales Price: The sale of the Inclusionary Unit pursuant to this Section <br />may only be made to an Eligible Purchaser at a price that does not exceed <br />the lesser of the Affordable Sales Price or the Fair Market Value of the <br />Inclusionary Unit, <br />I-D. At close of escrow, the Eligible Purchaser shall deliver or cause to be <br />delivered into escrow: <br />1 A Declaration of Inclusionary Housing Covenants, Resale Restrictions and <br />City's Option to Purchase Agreement in substantially the form of this <br />Inclusionary Housing Covenants Declaration, approved by the City, and <br />executed by the City and the Eligible Purchaser, together with a City Deed <br />of Trust securing the obligations thereunder. <br />1 The required down payment and all documents required by the Eligible <br />Purchaser's Senior Lander. <br />Inchisionory Hokming Ccvnnanl% Dodxi4on <br />city of Sama Ana <br />75C -132 <br />Pago IS <br />January 2015 <br />