Sale to an above Low-Income Household Sample Clauses

Sale to an above Low-Income Household. The Program Unit may also be sold to an above Low-Income Household in which case the City shall recapture a portion of the sales proceed. Upon such a sale at a price higher than the price that would result in an Affordable Housing Cost for a Low-Income Household the Homeowner that is selling the Program Unit shall pay to the City (through the escrow for the sale) one hundred percent (100%) of the net sales price being paid for the Program Unit (“net” meaning net of reasonable closing costs payable by the Homeowner as seller, including payoff of the purchase money loan, net of the Homeowner’s down payment, net of the amount of principal reduction on the seller’s purchase money loan and net of the cost of improvements to the realty installed and paid for by the Homeowner during his/her ownership as established by invoices and proof of payment to be provided by the Household), after reduction from the net proceeds for the City’s initial subsidy, (which shall be equal to the fair market value of the home at the time of initial sale minus the initial sale price to the Low-Income Household) and reduction for the City’s proportionate share of the appreciation (which shall be equal to the ratio of the local government’s initial subsidy to the fair market value of the home at the time of initial sale) the selling household shall retain its proportionate share of the appreciation. In the event the Homeowner sells the Program Unit in accordance with this Section 3(b)(ii), City shall cooperate with the Homeowner in executing (in recordable form) such document or documents as may be required to terminate this Agreement of record upon payment to City of the foregoing sums in connection with the sale of the Program Unit (as shown on the final settlement statement for the sale escrow) and compliance with the other requirements of this Section, this Agreement shall terminate.
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