Common use of City Verification Clause in Contracts

City Verification. Owner shall not convey title to any For Sale Affordable Unit to a proposed purchaser until such time as City has determined (i) the proposed purchaser intends to occupy the For Sale Affordable Unit as a principal residence; (ii) the proposed purchaser is a Very Low Income Household or Moderate Income Household, as applicable; (iii) the purchase price of the For Sale Affordable Unit does not exceed the applicable Affordable Housing Cost; (iv) the proposed purchaser and City have executed in recordable form (where appropriate) the Affordable Housing Covenant and the attachments thereto; and (v) the proposed conveyance will not otherwise violate the terms and conditions of this Agreement. Owner shall cooperate with and reasonably assist City with its determination of the matters set forth in clauses (i)-(v) above. Upon receipt of the Income Verification Materials, City shall respond to a request for verification thereof by written notice within thirty (30) business days of receipt. If City is unable to verify the prospective purchaser's income as provided herein, then the prospective purchaser's income shall be deemed to exceed the maximum allowable income limit for a Very Low Income Household or Moderate Income Household, as the case may be. In the event that City determines a proposed conveyance would violate this Agreement, City shall specify the reason for said violation. If the proposed violation is not corrected to the satisfaction of City within thirty (30) days after the date of the notice specifying the violation, or within such further time as City determines in its sole and absolute discretion is necessary to correct the proposed violation, Owner shall not convey title to the proposed purchaser. City may also provide notice to Owner within such thirty (30) day period that it is unable to make a determination as a result of an event of force majeure, an inability to secure the cooperation of the prospective purchaser, or other reason beyond City's control. City may apply to a court of competent jurisdiction for specific performance of this Agreement, for a declaration that the proposed conveyance is void, or for any such other relief as may be appropriate.

City Verification. Owner Homeowner shall not sell or otherwise convey fee title to any For Sale the Affordable Unit to a the proposed purchaser Transferee until such time as City has determined (i) the proposed purchaser Transferee intends to occupy the For Sale Affordable Unit as a principal residence; (ii) the proposed purchaser Transferee is a Very Low Income Household or Moderate Income Household, as applicable; (iii) the purchase price of the For Sale Affordable Unit does not exceed the applicable Affordable Housing Cost; (iv) the proposed purchaser Transferee and City have executed in a recordable form (where appropriate) any instruments necessary to effectuate the agreement by the proposed Transferee to be bound by the obligations set forth in this Covenant, the Affordable Housing Covenant Deed of Trust, the Affordable Housing Option Agreement, and the attachments theretoReimbursement Agreement; and (v) the proposed conveyance will not otherwise violate the terms and conditions of this AgreementCovenant. Owner Homeowner shall cooperate with and reasonably assist City with its determination of the matters set forth in clauses (i)-(v) above. Upon receipt Homeowner shall have the obligation to deliver to City all Income Verification Materials for the proposed Transferee of the Income Verification Materials, Affordable Unit no later than thirty (30) days prior to the close of escrow. City shall respond to a request from Homeowner for verification thereof of the matters in clauses (i)-(v) above by written notice notice, which shall be delivered to Homeowner within thirty (30) business calendar days of receiptCity's receipt of all Income Verification Materials for the proposed Transferee of the Affordable Unit. If City is unable to verify the prospective purchaserTransferee's income as provided herein, then the prospective purchaserTransferee's income shall be deemed to exceed the maximum allowable income limit for a Very Low Income Household or Moderate Income Household, as the case may be. In the event that City determines a proposed conveyance would violate this AgreementCovenant, City shall specify the reason for said violation. If the proposed violation is not corrected to the satisfaction of City within thirty (30) days after the date of the notice specifying the violation, or within such further time as the City determines in its sole and absolute discretion is necessary to correct the proposed violation, Owner Homeowner shall not convey title to the proposed purchaserTransferee. City may also provide notice to Owner within such thirty (30) day period that it is unable to make a determination as a result of an event of force majeure, an inability to secure the cooperation of the prospective purchaser, or other reason beyond City's control. The City may apply to a court of competent jurisdiction for injunctive relief or specific performance of this Agreement, for a declaration that the proposed conveyance is void, or for any such other relief as may be appropriate.

City Verification. Owner Homeowner shall not sell or otherwise convey fee title to any For Sale the Affordable Unit to a the proposed purchaser Transferee until such time as City has determined (i) the proposed purchaser Transferee intends to occupy the For Sale Affordable Unit as a principal residence; (ii) the proposed purchaser Transferee is a Very Low Income Household or Moderate Income Household, as applicable; (iii) the purchase price of the For Sale Affordable Unit does not exceed the applicable Affordable Housing Cost; (iv) the proposed purchaser Transferee and City have executed in a recordable form (where appropriate) any instruments necessary to effectuate the agreement by the proposed Transferee to be bound by the obligations set forth in this Covenant, the Affordable Housing Covenant Deed of Trust, the Affordable Housing Option Agreement, and the attachments theretoReimbursement Agreement; and (v) the proposed conveyance will not otherwise violate the terms and conditions of this AgreementCovenant. Owner Homeowner shall cooperate with and reasonably assist City with its determination of the matters set forth in clauses (i)-(v) above. Upon receipt Homeowner shall have the obligation to deliver to City all Income Verification Materials for the proposed Transferee of the Income Verification Materials, Affordable Unit no later than thirty (30) days prior to the close of escrow. City shall respond to a request from Homeowner for verification thereof of the matters in clauses (i)-(v) above by written notice notice, which shall be delivered to Homeowner within thirty (30) business calendar days of receiptCity's receipt of all Income Verification Materials for the proposed Transferee of the Affordable Unit. If City is unable to verify the prospective purchaserTransferee's income as provided herein, then the prospective purchaserTransferee's income shall be deemed to exceed the maximum allowable income limit for a Very Low Income Household or Moderate Income Household, as the case may be. In the event that City determines a proposed conveyance would violate this AgreementCovenant, City shall specify the reason for said violation. If the proposed violation is not corrected to the satisfaction of City within thirty (30) days after the date of the notice specifying the violation, or within such further time as City determines in its sole and absolute discretion is necessary to correct the proposed violation, Owner shall not convey title to the proposed purchaser. City may also provide notice to Owner within such thirty (30) day period that it is unable to make a determination as a result of an event of force majeure, an inability to secure the cooperation of the prospective purchaser, or other reason beyond City's control. City may apply to a court of competent jurisdiction for specific performance of this Agreement, for a declaration that the proposed conveyance is void, or for any such other relief as may be appropriate.thirty