Proximity Housing Note definition
Examples of Proximity Housing Note in a sentence
If the Owner makes a Transfer of the Home (other than a Permitted Transfer or a Transfer to an Inheriting Owner), the Owner shall be required, upon Transfer, to pay all sums due and owing under Proximity Housing Note (including the principal of the Proximity Housing Loan and the Proximity Housing Share of Appreciation, subject to Section 8.2(c) below).
Absent the provisions of the Proximity Housing Program, the Proximity Housing Guidelines and the provisions of this Agreement, the Proximity Housing Note, and the Proximity Housing Deed of Trust, the Home could not be made available to Eligible Proximity Workforce Households, including Owner.
Upon a declaration of Default by the County under this Agreement, the Proximity Housing Note or the Proximity Housing Deed of Trust, the County may exercise any remedies at law or in equity, including without limitation an action for specific performance, injunctive relief, breach of contract, damages and equitable remedies, or the power to invoke the power of sale under the Proximity Housing Deed of Trust.
Term of this Agreement commences on the date this Agreement is recorded against the Home and expires fifty-five (55) years from the date of this Agreement, unless earlier terminated under the terms of the Proximity Housing Note SUPERIORITY OF AGREEMENT.
The County may declare a Default under this Agreement, the Proximity Housing Note or the Proximity Housing Deed of Trust upon receipt of any notice given to the County pursuant to Civil Code Section 2924b, and may exercise its rights as provided in Section 9.2 above.
If the Owner makes a Permitted Transfer or a Transfer permitted under Section 6.3 above, the Owner shall not be obligated to pay the amounts due under the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation) provided that the transferee assumes the Owner’s obligations under this Agreement, the Proximity Housing Note and the Proximity Housing Deed of Trust.
The Owner acknowledges that the amount of the payoff on the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation) depends upon the actual sales price of the home and that the County's estimate, which will be based on the asking price for the Home, may understate the payoff on the Proximity Housing Note.
The Inheriting Owner shall succeed to the Owner's interest and obligations under this Agreement, the Proximity Housing Note and the Proximity Housing Deed of Trust.
If the Home is damaged or destroyed and the Owner elects not to rebuild or repair the Home, the Owner shall pay the County the portion of any insurance proceeds received by the Owner for such destruction or damage which is equal to the principal due under the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan plus any Proximity Housing Share of Appreciation) in which event this Agreement shall terminate.
The County Response Notice shall include an estimate of the payoff on the Proximity Housing Note (including payment of the outstanding principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation due under the Proximity Housing Note) that will become due on Transfer of the Home.