Sales Procedures. a. At least One Hundred Eighty (180) days prior to the initial sale of a For-Sale Owner Affordable Housing Unit, the Owner shall provide to the Agency the Marketing Information applicable to such Residential Units. b. The Agency shall be solely responsible for informing Certificate Holders of the availability of For-Sale Owner Affordable Housing Units. c. The Owner, in cooperation with the Agency, shall conduct at least two (2) public informational meetings regarding the sale of 1. Each meeting shall be open to persons potentially interested in the purchase of a For-Sale Owner Affordable Housing Unit. At each meeting, the Owner and the Agency shall describe the following: 1) The number and type of For-Sale Owner Affordable Housing Units to be offered; 2) The income and purchase price restrictions applicable to each available Residential Unit; 3) The resale restrictions applicable to each available Residential Unit, including the Second Lien Documents to be executed by each purchaser; 4) The anticipated schedule for marketing and selling such Residential Units; and 5) Information on covenants, conditions and restrictions; homeowner’s association dues; and proposed rules of the homeowners’ association applicable to such Residential Units. d. The Owner may, at its discretion, accept pre-applications from interested purchasers and may pre-qualify purchasers of For-Sale Owner Affordable Housing Units according to the occupancy restrictions applicable to a particular Residential Unit and the application of such other tenant selection criteria permitted under this Exhibit L. e. The Owner shall conduct a lottery of all interested purchasers. including any potential purchasers which have been pre-qualified by the Owner, as follows: 1) The Owner shall conduct a separate lottery for each Residential Project containing For-Sale Owner Affordable Housing Units. 2) The Owner shall combine all Certificate Holders, San Francisco Residents, San Francisco Workers and applications from members of the general public into one lottery for each Residential Project with Owner Affordable Housing Units. 3) The Owner shall select potential purchasers at random from the combined pool of applicants, and shall prioritize potential purchasers in the order selected into an initial list of potential purchasers (the “Lottery List”). 4) The Owner shall then prioritize names on the Lottery List in the following order: a) First, all Certificate Holders of Residential A Certificates on the Lottery List in the order in which their name was selected for the Lottery List; b) Second, all Certificate Holders of Residential C Certificates on the Lottery List in the order in which their name was selected for the Lottery List; c) Third, all San Francisco Residents on the Lottery List in the order in which their name was selected for the Lottery List; d) Fourth, all San Francisco Workers on the Lottery List in the order in which their name was selected for the Lottery List; and e) All remaining names on the Lottery List in the order in which their name was selected for the Lottery List. This newly prioritized list shall be referred to as the “Potential Purchaser List.” The Owner shall provide the Agency with the Potential Purchaser List within three
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Sources: Mission Bay South Owner Participation Agreement, Mission Bay South Owner Participation Agreement