PAYMENT TO CITY OF EXCESS SALES PROCEEDS. If the Owner makes a Transfer in violation of this Agreement, the Owner shall pay the Excess Sales Proceeds to the City. For purposes of this Agreement, "
PAYMENT TO CITY OF EXCESS SALES PROCEEDS. If a Prohibited Transfer of the Property occurs, Owner shall immediately pay the Excess Sales Proceeds to the City. For purposes of this Agreement, “Excess Sales Proceeds” shall mean the amount by which the gross sales proceeds paid for the Property by the new purchaser exceeds the Purchase Price for the Property as determined pursuant to Section 8.b above. This amount shall be a debt of Owner to City, further evidenced by the Excess Proceeds Note and secured by the Performance Deed of Trust. Owner acknowledges that City shall have no obligation to cause reconveyance of this Agreement or the Performance Deed of Trust until any Excess Sales Proceeds payable to the City are paid in full. Owner and City acknowledge that the formula for calculation of the amount of Excess Sales Proceeds due from Owner to City is intended to cause Owner to receive the same net sales proceeds from sale of the Property at an unrestricted price to a market purchaser (in violation of this Agreement) as Owner would receive from sale of the Property to City or to City’s assignee pursuant to City’s exercise of the Option to Purchase.
PAYMENT TO CITY OF EXCESS SALES PROCEEDS. If the Owner Transfers the Home at an unrestricted price pursuant to Section 15 above, or if the Owner makes a Transfer in violation of this Agreement, the Owner shall pay the Excess Sales Proceeds to the City. For purposes of this Agreement, "Excess Sales Proceeds" shall mean the amount by which the gross sales proceeds received by the Owner from the new purchaser exceed the Maximum Restricted Resale Price for the Home, reduced by the amount of any actual real estate commission paid by the Owner at Transfer, up to a maximum of six percent (6%) of gross sales proceeds. This amount shall be a debt of the Owner to the City, evidenced by this Agreement, secured by the City Deed of Trust. The Owner acknowledges that the City shall have no obligation to cause reconveyance of this Agreement or of the City Deed of Trust until the Excess Sales Proceeds are paid to the City. The City shall utilize the Excess Sales Proceeds for City affordable housing programs. The Owner and the City acknowledge that the formula for calculation of the amount of Excess Sales Proceeds due from the Owner to the City is intended to cause the Owner to receive the same net sales proceeds from sale of the Home at an unrestricted price to an Market Purchaser as the Owner would receive from sale of the Home to the City or to an Eligible Purchaser at the Maximum Restricted Resale Price.
PAYMENT TO CITY OF EXCESS SALES PROCEEDS. If the Owner Transfers the Home at Unrestricted Fair Market Value pursuant to Section 13 above, or if the Owner makes a Transfer in violation of this Agreement, the Owner shall pay the Excess Sales Proceeds to the City. For purposes of this Agreement, "Excess Sales Proceeds" shall mean ninety percent (90%) of the amount by which the Unrestricted Fair Market Value for the Home exceeds the Maximum Allowable Sales Price for the Home (in the amount that was stated in the First City Response Notice). This amount shall be a debt of the Owner to the City, secured by the City Deed of Trust. The Owner acknowledges that the City shall have no obligation to cause reconveyance of this Agreement or of the City Deed of Trust until the Excess Sales Proceeds are paid to the City. The City shall utilize the Excess Sales Proceeds for City affordable housing programs. The Owner and the City acknowledge that the formula for calculation of the amount of Excess Sales Proceeds due from the Owner to the City is intended to cause the Owner to receive the same net sales proceeds (following payment by Owner of a standard broker's commission) from sale of the Home at an unrestricted price to an Market Purchaser as the Owner would receive from sale of the Home to the City or to an Eligible Purchaser at the Maximum Allowable Sales Price.
PAYMENT TO CITY OF EXCESS SALES PROCEEDS. If the Owner Transfers the Residence at an unrestricted price pursuant to this Section 13, or if the Owner makes a Transfer in violation of this Agreement, the Owner shall pay the principal balance of the City Note plus any Excess Sales Proceeds to the City.
