Agmt15 Habitat for Humannity Greater San Francisco

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Exhibit A (Affordability Covenants) RECORDING REQUESTED BY: CITY OF REDWOOD CITY When Recorded Mail To: CITY OF REDWOOD CITY CDD-Planning and Housing ATTN: Rhonda Coffman 1017 Middlefield Road Redwood City,CA 94063 SPACE ASOVE THIS LINE FOR RECORDER'S USE AFFORDABILITY COVENANTS Habitat for Humanity Greater San Francisco, hereinafter referred to as "Contractor," agrees that the Property described in Exhibit "A", and more commonly known as 612 Jefferson Avenue, shall be restricted for a period of Thirty 30 ears from the date of Project Completion. The City defines Project Completion as initial occupancy of CDBG assisted units by Eligible Households notwithstanding that HUD defines Project Completion as the date when the final CDBG funds are drawn down and the City has entered project completion information into HUD's disbursement and information system. This restriction will remain continuously affordable to low-income households and will be binding on the Contractor and any and all successors in interest. AfFordable Deed Restriction. Contractor shall record an Affordability Deed Restriction containing the provisions of Addendum to Grant Deed, incorporated herein as Exhibit C at the time of sale when Eligible Households acquire title to the dwellings to be built on the site being funded under this Agreement. The term of said deed restriction shall be thirty (30) years from date of recordation of sale to Eligible Households but no earlier than the date when the mortgage is paid in full. Payment in full prior to the 30 year term shall cause first right of refusal to be offered to Contractor who will select another eligible buyer to purchase the property in accordance with the Addendum to Grant Deed, and shall stand independent of this Agreement. Subordination. The Affordability Covenants shall be subordinate to any mortgage or Deed of Trust and the affordability period shall be terminated in the event of a foreclosure of transfer in lieu of foreclosure if the foreclosure or transfer recognizes any contractual or legal rights of the City to take actions that would avoid the termination of low-income affordability. However, this affordability restriction shall be revived if, during the original term hereof, the owner of record before the foreclosure or other transfer, or any entity that includes the former owner or those with who the former owner has or had family REV:02-05-15 VR Page 15 of 33 ATTY/AGR.2015.025/Habitat for Humanity GSF Jefferson Site Acquisition