Laserfiche WebLink
City means the City of Santa Arta, California. <br />City Deed of Trust means a dead of trust, that secures the Owner's obligation to <br />comply with the obligations imposed by the Inclusionary Housing Covenant <br />Declaration. <br />City's Purchase Option means the irrevocable option that the Owner must offer <br />to the City under the circumstances defined in Article 3 — Section 11 of the <br />InclusionM Housing Covenants Declaration, <br />Eligible Purchaser shall mean a Homebuyer who meets the eligibility crl'teria set <br />forth in the Administrative Procedures, <br />Exempt Transfer means the following: <br />A transfer resulting from the death of the Owner; <br />1. A transfer by the Owner where the spouse or domestic partner becomes a <br />co -owner of the Inclusionary Unit: <br />A transfer of title to a spouse or domestic partner as part of divorce or <br />dissolution proceedings; and <br />A transfer by the Owner into a trust in which the Owner or Owners are <br />beneficiaries, provided that the Owner or Owners continue to maintain the <br />Inclusionary Unit as their Primary Residence, <br />4, A transfer by the Owner of a non - possessory interest in the Property, such <br />as an easement or license for utilities or other like purposes; the granting <br />of ingress or egress rights over or across the Property or a portion thereof; <br />or a modification to the non - exclusive common area rights of any Owner <br />located in a common interest subdivision development. <br />5. A condemnation, or conveyance in lieu of condemnation, that does: not <br />preclude the Owner's continued use and occupancy of the Inclusionary <br />Unit, such as a street widening or other Incidental taping that does not <br />preclude continued occupancy of the Inclusionary Unit, or a taking of an <br />Interest In a portion of the common area appurtenant to any Inclusionary <br />Unit located In a common interest development. <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 />h7r.143slonar¢ Housing Coven7ntn r7c+ulnrzWtion <br />Assumption Agroameart <br />75C -171 <br />�page5 <br />Aug i,sf '11, 2014 <br />