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2. The Owner shall be required to sell the Inclusionary Unit at a price not less <br />than the Fair Market Value, unless otherwise approved by the City in <br />writing. <br />3. All transfer documents relating to the Extraordinary Sale shall be <br />submitted to the City for its review and approval as consistent with the <br />terms of this Inclusionary Housing Covenants Declaration. <br />III -B. Distribution of Proceeds; The Extraordinary Sales Price shall be <br />distributed in the following priority to the extent funds are available; <br />Escrow fees, transfer taxes, recording fees, and any other customary non- <br />recurring closing costs; <br />1. Brokerage commissions and similar transaction costs; <br />2. Repayment of the outstanding balance of the Senior Loan; <br />3. Payment to the City of the City Share of Excess Sales Proceeds; and <br />4. Any remaining amounts shall be paid to the Seller. <br />III -C. Effect of Extraordinary Sale: <br />1. Upon the close of escrow for an Extraordinary Sale in compliance with the <br />provisions of this Section, the purchaser shall acquire title to the <br />Inclusionary Unit free and clear of the provisions of this Inclusionary <br />Housing Covenants Declaration, including the City's Purchase Option. <br />2. Pursuant to Article 5 - Section I, and in accordance with this Section, the <br />City agrees to execute, acknowledge and record a release of the <br />Inclusionary Unit from the provisions of this Inclusionary Housing <br />Covenants Declaration. <br />111-D. Foreclosure Sale: In the event of a foreclosure sale, this Section shall <br />impose the same obligations on the Owner and the City as in an <br />Extraordinary Sale. All references to the "close of escrow" shall be <br />replaced by "foreclosure sale." <br />Inclusionary Housing Covenants Declaration Page 22 <br />City of Santa Ana January 2015 <br />32A-89 <br />