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AN AMENDMENT <br />• TO THE CONTRACT FOR THE SALEIPURCHASE <br />OF REAL ESTATE BETWEEN THE <br />CITY OF CHARLOTTESVILLE AND PIEDMONT HOUSING ALLIANCE <br />WHEREAS, in December 2002 the City of Charlottesville ("City") and <br />Piedmont Housing Alliance ("PHA") entered into a Contract for the sale of four <br />City -owned properties located on John Street; and, <br />WHEREAS, the Contract provides that PHA will develop six townhouses, <br />ranging in size from 1,440 to 2,460 square feet, and will sell those properties to <br />owner occupants for a sales price between $158,000 and $231,900; and, <br />WHEREAS, the Contract provides that one of the townhouses will be sold <br />to a family with a household income that is 80% or less of the area's median <br />family income; and, <br />WHEREAS, the contract also provides a schedule for submission of site <br />plan, subdivision and rezoning applications by PHA, for closing on the sale, for <br />construction of the townhouses, and for marketing and sale of the properties, <br />which schedule has not been met by PHA. <br />• WHEREAS, the parties hereby agree that the December, 2002 Contract <br />should be and is hereby amended to provide as follows: <br />(1) A new paragraph II (C) is hereby added, stating: <br />(C) Upon written request from the Purchaser, Seller agrees to subordinate <br />its interest of $11,500 in each of the six parcels, due to be paid to the Seller at the <br />time of closing on each of the parcels, to any lender that provides financing for the <br />construction of the townhouses, if such subordination is a condition of the <br />construction loan. Nothing herein shall relieve the Purchaser of its obligation to <br />pay the full purchase price of $75,000 to the Seller. <br />(2) Paragraph IV (C) of the Contract is amended to state: <br />(C) Following the receipt of all necessary approvals from the City and <br />closing on the Property, Purchaser will construct six (6) townhouses on the <br />Property, ranging in size from 1,000 to_ 2,400 square feet. _ Four of the six <br />townhouses will be sold at the market rate prevailing at the time of sale. One of <br />the townhouses will be sold to a family with a household income that is 80% or <br />less of the area's median family income, and one of the townhouses will be sold to <br />• a family with a household income that is 80% or less of the City of <br />