2019-013A - Laserfiche WebLink

Home Browse Search

BK: 3179 PG: 22 2. IRCHFH Right of First Refusal Upon Transfer a. Notice of Intention to Transfer. Homeowner shall notify IRCHFH in writing at least thirty (30) days prior to advertising to Transfer the Property or accepting any offer to Transfer the Property. b. IRCHFH Right to Purchase. IRCHFH shall have a right of first refusal to acquire the Property prior to any Transfer of the Property. Homeowner shall notify IRCHFH in writing of all proposed terms of any Transfer. IRCHFH shall have thirty (30) days from receipt of such notice to deliver to Homeowner written notice of IRCHFH's election to purchase the Property on the same terms specified in the notice from Homeowner. IRCHFH shall have ninety (90) days after its delivery of the notice to acquire the Property on such terms. 3. IRCHFH Option Upon Contingent Event. Upon the occurrence of a Contingent Event, Homeowner shall promptly notify IRCHFH, and IRCHFH shall have the option to purchase the Property for a price equal to the Homeowner's Equity Interest, calculated as if the Property were sold at its Fair Market Value, less costs to repair any damage to the Property in excess of normal wear and tear. If exercised, IRCHFH shall assume or discharge all remaining obligations under the Habitat Note. The IRCHFH Option must be exercised within ninety (90) days following IRCHFH's receipt of notice of the Contingent Event. 4. Homeowner's Options a. Homeowner's Absolute Option. Homeowner shall at any and all times have the absolute right and option to purchase IRCHFH's Interest in the Property for a price equal to IRCHFH's Interest, calculated as if the Property were sold at its Fair Market Value. Homeowner's option shall be exercised by: (i) giving written notice to IRCHFH; (ii) establishing Fair Market Value of the Property; and (iii) paying the purchase price through escrow within sixty (60) days from establishment of Fair Market Value. Exercise of such option shall not discharge or relieve Homeowner's obligations under the Habitat Note. b. Homeowner's Option Upon Contingent Event. In the event IRCHFH does not exercise its option provided in Section 3 for a twelve (12) -month period after the occurrence of the Contingent Event, the heirs, estate, guardian, successor or person responsible for Homeowner's property and affairs may purchase IRCHFH's Interest for a price equal to IRCHFH's Interest, calculated as if the Property were sold at its Fair Market Value. To exercise such right, such person(s) shall give notice thereof to IRCHFH within thirty (30) days of the end of such twelve (12) -month period, and shall conclude such purchase within ninety (90) days of the date of such notice. 5. Leasing of Property. Homeowner shall not lease, rent, assign or otherwise transfer right of possession of the Property independent from the fee ownership of the Property without the express written consent of IRCHFH, which consent IRCHFH may withhold at its sole and absolute discretion, provided that if circumstances beyond Homeowner's control so necessitate, Homeowner may lease the Property for a period not to exceed one (1) year, upon terms and conditions reasonably acceptable to IRCHFH. If the Property is leased, rented, assigned, or right of possession is otherwise transferred in accordance with this Agreement, Homeowner shall pay to IRCHFH each Page 4 of 9