ATTACHMENT 4

TORCA SHARED APPRECIATION LOAN PROGRAM

 

DISCLOSURE OF RESTRICTIONS

 

 

  

 

 

You have applied for a loan from the City of Santa Monica under its TORCA Shared Appreciation Loan Program.  Under this Program the City will receive a portion of any gain you receive upon the future sale of your home.  Additional penalties may also be imposed if the home is sold within three years of the date of purchase.  The Program also contains significant restrictions on the use of the property, and prohibits rental of the property.  You currently live in the property and will be expected to continue living in the property.  There will be periodic inspections of the property by the City or its representatives to confirm your residency.

 

By signing this form, I/We hereby consent to future inspections by the City and acknowledge that I/we have received, reviewed, and understood the Program Guidelines, and I am/we are fully aware of these restrictions.

 

 

 

 

By:  ________________________________   Date  _________________

 

 

By:  ________________________________   Date  _________________