Agmt99 Peninsula Habitat... (2) - Laserfiche WebLink

Browse Search

1 ' 9 to be the initial owners of the eight(8)units shall have resided within the incorporated limits of the City for one year at the time of application. ❑ has a household income not to exceed 50% of the area median income for San Mateo County established by the U.S. Department of Housing and Urban Development, and ❑ meets the following family size definitions: l. For 2 Bedroom Units: 3 —5 persons per family � 2. For 3 Bedroom Units: 4—7 persons per family 3. For 2 Bedroom Wheelchair Unit: 2 —5 persons per family Habitat additionally determines a household is Eligible to participate in the ownership of the Property both (i) economically [a household whose income does not exceed the qualifying limits for very low income households as established pursuant to Section 8 of the United States Housing Act of 1937 as amended from time to time], and (ii) non-economically [which shall include, but not be limited to, the owner stating its warranted intent to personally and continuously occupy the Property as its sole residence for the foreseeable future, and that household size relative to the size of the Property complies with standards adopted by Habitat and consistent with Consolidated Plan goals of the City of Redwood City]. Habitat shall have the right under the terms of the Agreement, after application of the basic eligibility requirements set forth herein, to select, in its sole discretion, the ultimate purchaser of each unit. , d Eligible Transfer/All Other Transfers Void. During the term of this Addendum, every "Tr ansfer' ' ( as defined below) of a Property shall be subject to the provisions and conditions set forth in this Addendum. Any Transfer without satisfaction of the provisions and conditions of this Addendum shall be prohibited and void. Transfer shall mean and refer to any sale,conveyance, assignment, transfer, voluntary or involuntary, of any interest in the Property, including,but not limited to, a fee simple interest, a joint tenancy interest, a life estate, a leasehold interest, any lease or rental for any period of time (except as expressly otherwise permitted),execution of a real estate installment contract by which possession of the Property is transferred and owner retains title, or g�ant of any real property interest in a Property, including allowing the recordation of a deed ; of trust or mortgage which creates a lien on the Property. Transfer shall not mean or include any sale or transfer by foreclosure or deed in lieu of foreclosure of a mortgage or deed of trust, provided that such mortgage or deed of trust is one which is expressly pernutted and allowed under the this Addendum. e. Transfer Notice. Prior to entering into any binding agreements associated with � an ro osed Transfer, the owner shall deliver to Habitat a written notice (the = YP P � ``Tr ansfer Notice' ' ) which sets forth the name of the Owner and the address of the Property. The Transfer Notice must be sent by certified U.S. Mail,Return Receipt Requested, to Habitat at the address set forth in the Agreement. f Ri�ht and O�tion to Repurchase. The owner shall grant to Habitat or Redwood City, if Habitat chooses not to exercise its rights, the right and option to repurchase the Property upon any proposed Transfer of such Property (the "Right Attachment No. 7 Page 2 of 5