Common use of Disclosure and Submittals Clause in Contracts

Disclosure and Submittals. The Owner and the Proposed Purchaser shall provide the following information and documents to the City: (1) Within ten (10) days of an offer from the Proposed Purchaser, the name, address and telephone number in writing of the Proposed Purchaser. (2) Within ten (10) days of an offer from the Proposed Purchaser, a signed financial statement of the Proposed Purchaser in a form acceptable to the City and any other supporting documentation requested by the City. Owner acknowledges that the City may request the following documentation (1) pay stubs for the most recent pay periods; (2) income tax returns for the most recent tax years; (3) an income verification form from the Proposed Purchaser's current employer; (4) an income verification form from the Social Security Administration and/or the California Department of Social Services if the applicant receives assistance from either of such agencies; (5) if the Proposed Purchaser is unemployed and has no such tax return, another form of independent verification. The financial information shall be used by the City to determine the income eligibility of the Proposed Purchaser. (3) Within ten (10) days of an offer from the Proposed Purchaser, the proposed sales contract and all other related documents which shall set forth all the terms of the sale of the Home. Said documents shall include at least the following terms: (a) the sales price; and (b) the price to be paid by the Proposed Purchaser for the Owner's personal property, if any, for the services of the Owner, if any, and any credits, allowances or other consideration, if any. Additionally at the same time of the Owner submits the proposed sales contract, the Eligible Purchaser will provide the first mortgage loan documents that the Eligible Purchaser intends to enter into in connection with Eligible Purchaser's purchase of the Home, which loan documents shall clearly disclose the interest rate to be charged on the principal and all other terms and conditions of the first mortgage loan. (4) Within ten (10) days of the City's approval of the Eligible Purchaser and first mortgage financing pursuant to Section12D(5) below, the Owner and the Proposed Purchaser shall provide the Closing Certification attached hereto as Exhibit G. (5) Upon receipt of the items set forth in Section 12(D)(1) through (3), the City shall review such documents, shall determine if the Proposed Purchaser is an Eligible Purchaser and if the sales contract and first mortgage loan documents comply with the terms of the City's affordable homeownership program requirements and this Agreement. Owner understands and acknowledges that the City will require at least fifteen (15) days to make such determinations which fifteen (15) days shall commence on the date the Owner and Proposed Purchaser provide City with the items set forth in Section 12D(1) through (3) and such other information as is reasonably necessary for the City to make such determinations. The City shall promptly notify the Owner if the Proposed Purchaser is not an Eligible Purchaser or if the sales contract and first mortgage documents do not comply with the terms City's affordable homeownership program or this Agreement. Upon receipt of such notice of disapproval, the Owner shall continue to market the Home in accordance with Section 12A and otherwise comply with the terms and conditions of this Agreement. (6) Within ten (10) days of the City's approval of the Eligible Purchaser and first mortgage financing pursuant to Section 12D(5) above, an executed buyer's resale agreement, promissory note to the City, and deed of trust to the City from the Proposed Purchaser in forms provided by the City. The recordation of the new deed of trust and ▇▇▇▇▇'s resale agreement shall be a condition of the City's approval of the proposed sale. (7) Within ten (10) days of the City's approval of the Eligible Purchaser and first mortgage financing pursuant to Section 12D(5) above, the name of the title company escrow holder for the sale of the Home, the escrow number, and name, address, and phone number of the escrow officer and a preliminary title report for the City's review. (8) Within three (3) days following the close of the proposed sale, certified copies of the recorded City deed of trust and ▇▇▇▇▇'s resale agreement, the original City Note, a copy of the final sales contract, settlement statement, escrow instructions, and any other documents which the City may reasonably request.

Disclosure and Submittals. The Owner and the Proposed Purchaser shall provide the following information and documents to the City: (1) Within ten (10) days of an offer from the Proposed Purchaser, the name, address and telephone number in writing of the Proposed Purchaser. (2) Within ten (10) days of an offer from the Proposed Purchaser, a signed financial statement of the Proposed Purchaser in a form acceptable to the City and any other supporting documentation requested by the City. Owner acknowledges that the City may request the following documentation (1) pay stubs for the most recent pay periods; (2) income tax returns for the most recent tax years; (3) an income verification form from the Proposed Purchaser's current employer; (4) an income verification form from the Social Security Administration and/or the California Department of Social Services if the applicant receives assistance from either of such agencies; (5) if the Proposed Purchaser is unemployed and has no such tax return, another form of independent verification. The financial information shall be used by the City to determine the income eligibility of the Proposed Purchaser. (3) Within ten (10) days of an offer from the Proposed Purchaser, the proposed sales contract and all other related documents which shall set forth all the terms of the sale of the Home. Said documents shall include at least the following terms: (a) the sales price; and (b) the price to be paid by the Proposed Purchaser for the Owner's personal property, if any, for the services of the Owner, if any, and any credits, allowances or other consideration, if any. Additionally at the same time of the Owner submits the proposed sales contract, the Eligible Purchaser will provide the first mortgage loan documents that the Eligible Purchaser intends to enter into in connection with Eligible Purchaser's purchase of the Home, which loan documents shall clearly disclose the interest rate to be charged on the principal and all other terms and conditions of the first mortgage loan. (4) Within ten (10) days of the City's approval of the Eligible Purchaser and first mortgage financing pursuant to Section12D(5) below, the Owner and the Proposed Purchaser shall provide the Closing Certification attached hereto as Exhibit G. (5) Upon receipt of the items set forth in Section 12(D)(112D(1) through (3), the City shall review such documents, shall determine if the Proposed Purchaser is an Eligible Purchaser and if the sales contract and first mortgage loan documents comply with the terms of the City's affordable homeownership program requirements and this Agreement. Owner understands and acknowledges that the City will require at least fifteen (15) days to make such determinations which fifteen (15) days shall commence on the date the Owner and Proposed Purchaser provide City with the items set forth in Section 12D(1) through (3) and such other information as is reasonably necessary for the City to make such determinations. The City shall promptly notify the Owner if the Proposed Purchaser is not an Eligible Purchaser or if the sales contract and first mortgage documents do not comply with the terms of the City's affordable homeownership program or this Agreement. Upon receipt of such notice of disapproval, the Owner shall continue to market the Home in accordance with Section 12A and otherwise comply with the terms and conditions of this Agreement. (6) Within ten (10) days of the City's approval of the Eligible Purchaser and first mortgage financing pursuant to Section 12D(5) above, an executed buyer's resale restriction agreement, promissory note to the City, and deed of trust to the City from the Proposed Purchaser in forms provided by the City. The recordation of the new deed of trust and ▇▇▇▇▇'s resale restriction agreement shall be a condition of the City's approval of the proposed sale. (7) Within ten (10) days of the City's approval of the Eligible Purchaser and first mortgage financing pursuant to Section 12D(5) above, the name of the title company escrow holder for the sale of the Home, the escrow number, and name, address, and phone number of the escrow officer and a preliminary title report for the City's review. (8) Within three (3) days following the close of the proposed sale, certified copies of the recorded new City deed Deed of trust Trust and ▇▇▇▇▇'s resale agreementCity Resale Restriction Agreement, the original City Note, a copy of the final sales contract, settlement statement, escrow instructions, and any other documents which the City may reasonably request.