15 ATTACHMENTS - Laserfiche WebLink

6.3 Park Owner Purchase Price Discount and Financing Benefits. Because a majority of the Resident Households who responded to a survey of support conducted pursuant to Government Code § 66427.5 have supported conversion of the Pazk to Resident ownership, the Pazk Owner has agreed to provide a purchase price discount and financing benefit for Resident Households electing to purchase the space upon which their mobilehome is situated, as follows: (a) Fifteen Percent (15%) Discount. The Park Owner has agreed to provide a fifteen percent (15%) discount off the appraised purchase price of a Resident Household's space for each Resident (i) whose Resident Household enters into escrow to purchase such Resident Household's space within 90 days after delivery of the Final Public Report ("90-day Period"), and (ii) who has entered into and agreed to abide by the terms of a Conversion Committee Agreement with the Park Owner. Each Resident that has entered into a Conversion Committee Agreement agrees to support conversion of the Park to Resident ownership as more particulazly described therein. (b) Park Owner Financing. The; Park Owner has agreed to provide Park Owner financing of up to $50,000 towazd payment of the purchase price for a Resident Household's space for each Resident (i) whose Resident Household enters into escrow to purchase such Resident Household's space with the 90-day Period, and (ii) who has entered into and agreed to abide by the terms of a Conversion Committee Agreement with the Pazk Owner. Each Resident that has entered into a Conversion Committee Agreement agrees to support conversion of the Park to Resident ownership as more particularly described therein. Such Park Owner financing will be fully due and payable on the earlier of (w) 10 years from the date of the note, (x) the sale, transfer, lease or encumbrance of the Resident's space without Park Owner's prior consent, (y) when the Resident ceases to occupy their space as Resident's principal residence, or (z) when the Resident defaults under the terms of the Park Owner financing. The principal amount of the Park Owner financing will accrue interest at below market rates as determined by Pazk Owner in its sole discretion. Such purchase price discount and financing benefits aze transferable to a one-time immediate successor or assignee of such a Resident provided the successor or assignee executes appropriate documents as reasonably required by Park Owner. As an example of the possible benefits of the transferability of such purchase price discount and financing benefits, if the Resident Household of a Resident who entered into a Conversion Committee Agreement elects to not purchase the Resident Household's space but the Resident Household of such Resident's immediate successor or assignee elects to purchase the Resident Household's space and enters into escrow to purchase such Resident Household's space within the 90-day Period, then so long as the other applicable requirements of the Conversion Committee Agreement have been satisfied, such purchase price discount and financing benefits would apply to the Resident Household of such successor or assignee of the Resident who enters into a Conversion Committee Agreement. Legal Notices. The Residents have received the Notice of Intent to File a Map with the City of Pleasanton and will also receive all additional require;d legal notices in the manner and within the [DMM:a~/159181 _4.DOC/051308/4640.001] 7