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EXHIBIT C <br /> ADDENDUM TO GRANT DEED <br /> RESTRICTIONS FOR AFFORDABLE <br /> OWNERSHIP HOUSING <br /> ' 422 & 430 Lincoln Avenue <br /> Redwood City, California <br /> THE GRANT MADE BY,AND THE TITLE CONVEYED TO THE GRANTEE <br /> UNDER, THE GRANT DEED TO WHICH THIS ADDENDUM TO GRANT <br /> DEED RESTRICTIONS FOR AFFORDABLE OWNERSHIP HOUSING IS <br /> ATTACHED AND MADE EXPRESSLY SUBJECT TO THE TERMS AND <br /> PROVISIONS STATED IN THIS ADDENDUM TO GRANT DEED. <br /> I. This grant is made with the express understanding, requirement, condition and <br /> covenant that the Grantee will improve or cause to be improved the Property hereunder <br /> granted by constructing or causing the construction of ownership residence thereon as <br /> affordable ownership housing for acquisition by certain purchasers who meet the <br /> qualifications of"Eligible Households", as hereinafter set forth. <br /> II. Grantee shall sell the Property and each residential unit therein (the"Units") as <br /> affordable ownership housing for acquisition by purchasers who qualify as Eligible <br /> Households, with the express understanding that the purchaser of the Units as"Eligible <br /> Households" are receiving a special and unique benefit from a not-for-profit organization, <br /> and except as specified herein, that such Eligible Households are not entitled to receive <br /> any rights to equity or appreciation of value of the Units sold to them. To facilitate the <br /> sale of the Units to the Eligible Households, Grantee will be making or arranging for <br /> financing which will encumber the Property as an"a11-inclusive" deed of trust (the "Habitat <br /> Loan"), which will include the Restrictions for Affordable Ownership Housing to be <br /> secured by a first deed of trust on the Property. As such, the sale, conveyance or other <br /> transfer of the Property by the Owner thereof, or the further encumbering of the Property, <br /> is contrary to the purpose and intention of the making available to said persons who <br /> qualify as Eligible Households such affordable ownership housing, and the sale, transfer, <br /> conveyance, or further encumbrance thereof will frustrate the basic purposes for which the <br /> Property is to be sold to the owner. Therefore, in the event that any party should sell, <br /> convey, or otherwise transfer the Property, or make, execute, deliver and/or record any <br /> mortgage, deed of trust, or other encumbrance or lien, whether voluntary or involuntary, <br /> 1 <br /> _... . .. , ._ . ,.._._._ ....________...._M.,_r__ _. _ <br />