Agmt15 Habitat for Humannity Greater San Francisco

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REVISED EXHIBIT C ADDENDUM TO GRANT DEED RESTRICTIONS FOR AFFORDABLE OWNERSHIP HOUSING 612 Jefferson Avenue, Redwood City, CA 94063 THE GRANT MADE BY, AND THE TITLE CONVEYED TO THE GRANTEE UNDER, THE GRANT DEED WITH POWER OF TERMINATION AND PURCHASE OPTION (THE "GRANT DEED") TO WHICH THIS ADDENDUM TO GRANT DEED -- RESTRICTIONS FOR AFFORDABLE OWNERSHIP HOUSING (THIS "ADDENDUM") IS ATTACHED IS MADE EXPRESSLY SUBJECT TO THE TERMS AND PROVISIONS STATED IN THIS ADDENDUM. ALL TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN THEM IN THE GRANT DEED TO WHICH THIS ADDENDUM IS ATTACHED. a. Power of Termination. The establishment and preservation of housing for persons who qualify as Eligible Households (as defined below) is the main and substantial purpose of the Grantor, Habitat for Humanity Greater San Francisco, Inc. (hereinafter referred to as "Habitat'), and the Housing Services Division of the City of Redwood City (the "City"). Consistent with this purpose, Grantee acknowledges that the conveyance of the Property to Grantee was made under special circumstances whereby Habitat has made available to Grantee the Property, which is below market rate housing for acquisition by Grantee as an Eligible Household, with the express understanding that Grantee is receiving a special and unique benefit by a not-for-profit organization, and that Grantee does not intend to receive, and is not entitled to receive, any rights to equity or appreciation of value of the Property sold to Grantee, except as provided for in Paragraph Q) below. As such, the sale, conveyance or other transfer of the Property by Grantee is antithetical to the purpose and intention of the making available to Grantee such below market rate housing and the express purpose for the conveyance of the Property to Grantee, and will frustrate the basic purposes for which the Property was conveyed to the Grantee. Accordingly, as consideration for the conveyance of the Property to Grantee, and as a condition to this conveyance, Habitat reserves and retains to itself and to City an Option, as described below. In addition, should Grantee or any other party fail to comply with the provisions of this Addendum or the Grant of Option to Repurchase and Resale Restriction Agreement (the "Option Agreement') recorded concurrently herewith, then Habitat shall have the right and power of termination of the estate and title granted by the Grant Deed to which this Addendum is attached. b. Eligible Household. As used in the Addendum, the term "Eligible Household" shall mean a Household which: [ ] has a household income, adjusted for family size, not to exceed eighty percent (80%) of area median income for San Mateo County established by the U.S. Department of Housing and Urban Development, or in the event that this statistical index is no longer published, any other appropriate index as determined by the City, and ATTY/AGR/2019/AMENDMENTS/AMEND NO. 3 HABITAT FOR HUMANITY GREATER SAN FRANCISCO REV: 07-18-19 PR Page 6 of 13