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� � � <br /> a <br /> that are the responsibility of the Seller and any outstanding mortgage balances <br /> secured by the subject property. The Seller shall not be entitled to receive any <br /> compensation for the value of his "sw eat equity' ' contribution toward t he <br /> construction of the Property. <br /> s. Sa/e of Properfy by Owner if Habifat or the Redevelopmenf Agency of fhe Cify <br /> of Redwood City Do Nof Exercise Option fo Purchase � <br /> In the event that neither Habitat nor the Agency elect to purchase the property <br /> upon receiving the Seller's notice of intent to sell, the Seller may sell the <br /> prope�ty to an income eligible household at the Eligible Sales Price and receive a <br /> distribution of Sales Proceeds as described in "r' ' above. <br /> If, after a stipulated marketing period, the Seller is unable to locate an income- <br /> eligible buyer, the Seller shall provide a written notice to the Agency of this fact <br /> and will be permitted to sell the Property to a buyer who is not an income-eligible <br /> buyer at an unrestricted price. But in this event,the Seller shall pay all Excess <br /> Sales Proceeds to the Agency. Excess Sales Proceeds shall be the difference <br /> between the Fair Market Value Sales Price and the Eligible Sales Price. If the <br /> Property is transferred pursuant to this section,the purchase shall not be required <br /> to execute a resale agreement and the affordability covenants of the Property will <br /> be terminated. <br /> MADE AND ACKNOWLEDGED B Y THE GRANTOR AND GRANTEE : <br /> GRANTOR: Peninsula Habitat for Humanity, Inc., a California <br /> Non-Profit Corporation <br /> ,� <br /> By: <br /> Its: Executive Director <br /> I <br /> � D ate: <br /> � ; <br /> � <br /> ; <br /> ; ; <br /> GRANTEE: <br /> By: <br /> Attachment No. 7 <br /> Page 6 of 5 <br />