HomeMy WebLinkAboutBuyer's Occpancy and Resale Agreement with Option to Purchase Complimentary ec rding Requested
Pursuant To Go ent Code
Section 6103 and -A3
When Recorded Mail To:
City of Arroyo Grande
P. O. Box 550
Arroyo Grande, CA 93421
Attn: City Clerk
BUYER'S OCCUPANCY AND RESALE AGREEMENT
WITH OPTION TO PURCHASE
CITY OF ARROYO GRANDE INCLUSIONARY HOUSING PROGRAM
Owner: Andrew C. Jennings and Cheri R. Jennings
Address of Home: 253 Courtland Street
Development: Jasmine Place
Income Category of Home: Moderate
Number of Bedrooms in Home: Three (3)
Sales Price at Original Purchase: $315,255.00
This Buyer's Occupancy and Resale Agreement with Option to Purchase (the
"Agreement") is entered into as of this I ZTft day of J fw Fz , 2005 , by and between the City
of Arroyo Grande (the "City") and Andrew C. Jennings and Cheri R. Jennings (the "Owner").
RECITALS
A. Pursuant to the City of Arroyo Grande's Affordable Housing Ordinance
(Ordinance No. 514 C.S.), Chapter 16.80 of the Arroyo Grande Municipal Code, a portion of all
new housing constructed in the City of Arroyo Grande is required to be affordable to median to
above moderate-income households.
B.. Jasmine Place, LLC, a Limited Liability Company(the "Developer") entered into
an Affordable Housing Agreement dated 8/10/04. Pursuant to the Affordable Housing
Agreement, the Developer agreed to sell seventeen (17)homes to moderate income households
at affordable prices (the "Affordable Units").
C. Owner intends to purchase the property located in the City of Arroyo Grande, and
more particularly described in Exhibit A attached hereto and incorporated herein(the "Home").
The Home is one of the Affordable Units. The Home has been designated by the City and the
Developer as a moderate-income unit.
D. Pursuant to the Affordable Housing Ordinance and the Affordable Housing
Agreement, the Developer and the City are required to ensure the continued affordability of the •
Home as an Affordable Unit, and the City therefore requires the Owner to execute this
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