2019-227-E Housing - Community Home Trust lease

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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A C. Member(s) of the Lessee's household, including a domestic partner, who resided upon the Leased Premises for at least one year prior to the Lessee's death. Any other successor to Lessee's leasehold estate must qualify as a Qualified Buyer. If the successor does NOT qualify as a Qualified Buyer, he/she will not be entitled to possession of the Leased Premises and t must transfer his/her interest in the Leased Premises in accordance with the provisions hereof. 10.4 LESSEE'S NOTICE OF INTENT TO SELL: Lessee will notify Lessor in writing of his/her desire to sell his/her interest in the Leased Premises. Upon receiving Lessee's Intent to Sell Notice, Lessor will have 5 business days in which to make available to Lessee a list of approved home inspectors who may perform the Professional Inspection required by section 10.5 of this lease. 10.5 PROFESSIONAL INSPECTION: Lessee will commission an inspection of the Leased Premises (the Professional Inspection) by a home inspector acceptable to Lessor. Lessor will pay for the Professional Inspection. 10.6 REPAIR REQUIREMENTS: Within 5 business days after Lessor receives the report from the Professional Inspection, Lessor will contact Lessee to schedule a Lessor's inspection of the Leased Premises (Lessor's Inspection). Within 5 business days of Lessor's Inspection, Lessor will make available to Lessee a list of repair requirements which must be met by Lessee (the Repair Requirements). Lessee will be expected to bear 100% of the costs of the Repair Requirements. In preparing this list, Lessor will reference the standards described in Exhibit I: REPAIR REQUIREMENTS. 10.7 APPRAISAL: At its discretion, Lessor may also commission an appraisal (the Appraisal) of the Property within 5 business days after receiving the report from the Professional Inspection. Lessor will pay for the Appraisal. The Appraisal will be performed by a licensed appraiser acceptable to Lessor and Lessee. The Appraisal will state the market value of the Property, rather than the leasehold value. Copies of the Appraisal are to be provided to both Lessor and Lessee 10.8 REPAIR INSPECTION: After Lessee has completed the Repair Requirements, he or she will contact Lessor to schedule an inspection of the completed upfits and repairs. Lessor will certify when the Repair Requirements have been completed to Lessor's satisfaction. 10.9 LESSOR'S PURCHASE OPTION: a. Voluntary Sale: Within(five) 5 business days of certifying Lessee's completion of the Repair Requirements, Lessor will prepare its standard"Resale Agreement" document and notify Lessee that it is available to sign. When Lessee signs and returns the Resale Agreement, Lessor will have the option to purchase Lessee's interest in the Leased Premises ("the Purchase Option") at the Resale Formula Price calculated as set forth below. The Purchase Option is designed to further the purpose of preserving the affordability of the Leasehold Estate for succeeding Qualified Buyers while taking fair account of the investment by the Lessee.