RES 93026 - Laserfiche WebLink

Oakland PMSA as published annually by the U.S. Department of Housing and Urban Development, or its successor, from the purchase date to the date of the Owner's Notice. If the City fails to exercise its option to purchase the unit, the purchase price shall be increased by the reasonable escrow costs and marketing expenses. At the time of the execution of this Restrictive Covenant, the above-mentioned median income is $46,800 and the initial sales price is $124,402 for the three-bedroom model and $99,902 for the two-bedroom model. 10. Defaults and Remedies. Upon a violation of any of the provisions of this Restrictive Covenant, the City shall give written notice to Owner by certified mail, return receipt requested, specifying the nature of the violation. If the violation is not corrected to the satisfaction of the City within a reasonable period of time, not longer than thirty (30) days after the date the notice is mailed, or within such further time as the City determines is necessary to correct the violation, the City may declare a default under this Restrictive Covenant. Upon the declaration of a default, the City may apply to a court of competent jurisdiction for specific performance of the obligations of this Restrictive Covenant, for an injunction prohibiting a proposed transfer in violation of this Restrictive Covenant, for a declaration that a transfer in violation of the provisions of this Restrictive Covenant is void, or for any such other relief at law or in equity as may be appropriate. In the event of default by Owner, and/or by Owner' s purchaser or transferee in those circumstances where a transfer has occurred in violation of this Restrictive Covenant, Owner and/or Owner's purchaser or transferee shall hold the City and its employees or other agents harmless and reimburse the expenses, legal fees and costs for any action the City takes in enforcing the provisions of this Restrictive Covenant. - 6 -