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<br />own choice. Existing Tenants using Owner's preferred lender will receive a discount on <br />closing costs up to $5,000. <br /> <br />6. City may require a specific amount of down payment for the purchase of <br />any of the 35 Affordable Units. City will determine the appropriate amount prior to <br />Owner's marketing of the Affordable Units. <br /> <br />7. The City may offer a limited number of City second mortgages for the 35 <br />Affordable Units. <br /> <br />8. The City may coordinate use of its CalHF A HELP down payment <br />assistance funding for the 35 Affordable Units with Owner. <br /> <br />9. For Existing Tenants in the Project who meet the City's guidelines for low <br />income or moderate income households, and who choose to purchase an Affordable Unit <br />in an "as is" condition, Owner shall reduce the sales price set forth in paragraph I as <br />follows: <br /> <br />Studio Units - $15,000 <br />One Bedroom - $20,000 <br />Two Bedroom - $30,000 <br /> <br />This discount will be increased by $20,000 for any such Existing Tenant who is disabled <br />(consistent with the definition of "handicapped" in California Health & Safety Code <br />section 50072), or over the age of 62 years, or has resided in the Project for ten years or <br />more. <br /> <br />I O. Except for any of the 35 units sold to an Existing Tenant who elects to <br />purchase the unit in an "as is" condition, all Affordable Units will be refurbished prior to <br />sale consistent with the minimum level of refurbishing of the Market Rate Units. <br /> <br />11. For all Existing Tenants: <br /> <br />(a) Owner shall provide notice to Existing Tenants 180 days prior to <br />any tenancy being terminated due to the sale of the unit. Within that 180 day notice <br />period, Owner shall provide Existing Tenants a 120 day right of first refusal for the tenant <br />to purchase their unit. <br /> <br />(b) Owner shall provide a discount on Market Rate Units in the <br />following amounts to any Existing Tenant who purchases their unit "as is": studio unit, <br />$20,000; one bedroom, $20,000; two bedroom or two bedroom townhouse unit, $30,000. <br />In addition, for any Existing Tenant who is disabled (consistent with the definition of <br />"handicapped" in California Health & Safety Code section 50072), or over the age of 62 <br />years, or resided in the Project for ten years or more, Owner shall provide an additional <br />discount of $20,000 to any such tenant who purchases the unit "as is" at market rate. <br /> <br />3 <br /> <br />642862.9 <br />