1993-174-Sign A Deed Restriction Amendment Extending The Town's First Right Of Refusal To Purchase A Below Market Price UnitRESOLUTION 1993 -174
RESOLUTION OF THE TOWN COUNCIL
O GATOS
AUTHORIZING THE MAYOR TO SIGN D ED RESTRICTION AMENDMENT
EXTENDING THE TOWN'S FIRST RIGHT OF REFUSAL TO
PURCHASE A BELOW MARKET PRICE UNIT
WHEREAS, the Town is assured first right of refusal to purchase owner-
occupied units included in the Town's Below Market Price (BMP) Housing Program
through deed restrictions recorded with each property; and
and WHEREAS, a BMP unit owner notified the Town of his intent to sell his unit;
WHEREAS, escrow is not expected to close before the Town's first right of
refusal expires on December 29, 1993; and
WHEREAS, the owner has agreed to extend the Town's first right of refusal
to March 31, 1993, in exchange for reimbursement of mortgage and homeowners fees not
to exceed $1,600
NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS
GATOS DOES HEREBY RESOLVE AS FOLLOWS: that the Mayor is authorized to sign
a deed restriction amendment extending the Town's first right of refusal to p
Housing unit. urchase a BMP
CSD08:a: \RES0S \CS120%3.774 I
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 6th day of December, 1993, by the following
vote:
COUNCIL MEMBERS:
AYES: Joanne Benjamin, Steven Blanton, Linda Lubeck,. Patrick O'Laughlin,
Mayor Randy Attaway
NAYS: None.
ABSENT: None.
ABSTAIN: None.
SIGNED: /
tr
MAY OF THE O "F LOS GATOS
LOS ATOS, CALIFORNIA
ATTEST:
CLERK OF THE TOWN O LOS GATOS
LOS GATOS, CALIFORNIA
CSD06:a: \RESOS \CS120693.174 2