RecDoc 2016-064205 - Laserfiche WebLink

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C. Owner has received the benefit of this program in purchasing the Affordable Unit and is providing the same assurances to City by entering into this Agreement to ensure that the Affordable Unit remains affordable as set forth herein . D. Owner and City desire to enter into this Agreement. NOW, THEREFORE, for good and valuable consideration , City and Owner agree as follows: 1 . Affordability Covenants and Sale of Affordable Unit. Owner hereby agrees that the affordability covenants contained in this Agreement shall remain in effect upon the Affordable Unit for 55 years from the execution date of this Agreement (the "Term"). Owner covenants that the Affordable Unit shall be sold to, owned, occupied and maintained affordable to persons and families with an income, certified by the City or its designee, which is between 80 and 100 percent of AMI ("Qualified Buyer") at a purchase price that would be considered affordable to a purchaser whose income is between 80 and 100 percent of AMI , as calculated by the City, pursuant to California Health and Safety Code Section 50052.5, adjusted for household size, depending on the number of bedrooms (or bedroom size equivalent), as adjusted below (the "Affordable Sales Price"). "AMI" shall be HUD's Area Median Income for San Mateo County. In the event the City is unable to make a determination that a prospective buyer is a Qualified Buyer based upon the information provided , the prospective purchaser shall be determined not to meet the requirements of a Qualified Buyer and shall be disqualified from purchase. 2. Documentation . Concurrently with execution of this Agreement, Owner shall execute a Disclosure Statement in the form of Attachment 2 , attached hereto, and shall execute and acknowledge a deed of trust securing its obligations under this Agreement in the form of Attachment 3, attached hereto ("Deed of Trust"). The Deed of Trust shall be recorded in the Official Records of San Mateo County. City may execute and record a Request for Notice of Default in the form attached hereto as Attachment 4. 3. Owner Certification . Owner certifies that the financial and other information previously provided to the City in order to qualify to purchase the Affordable Unit is true and correct as of the date of execution of this Agreement. 4 . Principal Residence. The Affordable Unit shall be occupied as the Principal Residence of Owner and for no other purpose. Owner shall not enter into agreements for the rental or lease of the Affordable Unit or otherwise allow for the rental or lease of the same. Any lease or rental of the Affordable Unit in violation of this Agreement is prohibited . A Principal Residence is one that is not leased or rented to others for more than 30 days in any calendar year. 5 . Refinance and Loan Restrictions. REV: 04-20-16 VR Page 12 of 29 ATTY/AGR.2016.081/Fuller Street Partners, LLC Affordable Housing Agreement