Laserfiche WebLink
���i-II� <br /> �xH�BrT B <br /> ADDEN�DUM TO GRANT DEED <br /> RESTRICTlONS FOR AFFORDABLE <br /> , - OWNERSHIP HOUS(NG <br /> 3426, 3436, 3446, 3456, 3466, 3476-3480, 3486 Fiofison.Road and <br /> 11 g1 Haven Avenue, Redwood City, Cafifornia <br /> . (the "Property") <br /> THE GRANT MADE B�Y, AND TH� T1TLE CONVEYED TO THE-CRAP�TEE <br /> UNDER, THE GRANT DEED TO WHICH THlS ADDENDUM TO GRANT DEED <br /> RESTf�ICTIONS FOR AFFORDABLE OWNERSHIP HOU.SING IS ATTACHED <br /> AND MADE EXPRESSLY SUBJECT TO THE TERMS AND PROVlSIONS <br /> STATED IN THlS AD�DENDUM TO GRANT DEED. <br /> I. This grant is made with the expcess understanding and requirement that� <br /> the Peninsula Habitat for Humanity, lnc. ("PeninsuEa Habitat"� will improve or � <br /> � cause to be improved �the Property hereunder granted by constructing or causing � � <br /> #he construction of thirty six (36) ownership residences thereon as affordable <br /> ownership housing for acquisition by certain purchasers who meet the <br /> �uafifications herein set forth as "Eiigible Households". <br /> Il. Peninsula Habitat shall sell the Propecly as affordabls ownership housing <br /> fior acquisitron by purchasers who quafify as Eiigible Hou$eholds, as hsrein <br /> defined, with the e�ress understanding �that purchasecs and owners who so <br /> quafify as Efigible Ho�seholds to purchase such housing are receiving a special <br /> and unique benefit b y a not-for- profit or ganiz a t i o n, � a n d t h a t s u c h o w n e r s a r e n o t <br /> entitled to receive any rights to equit.y or appreciation of vaiue of the real property <br /> soid to tfiem. To faciiitate the sale of the Property to such Efigible Households, <br /> Peninsula Habitat will be making or at'ranging for financing which will encumber <br /> the Property as an "al!-mcfusive° deed of�trust (the "Peninsufa Habitat Loan"), . <br /> which will include in the loan �ob(igation of the Psnir�sufa Habitat Loan, the <br /> Restrictions for Aifordable Ownership Housing to be secured •by a�irst deed of � <br /> trust on �the Property. As such, the safe, conveyance or other transfer of the <br /> Property by the Owner thereof, or the further encumbering of the Property, is <br /> contrary �o the purpose and intention of the making avaifabfe to said persons <br /> who quafify as Efigible Households such affordable ownership housing; and the <br /> sal�, transfer, conveyance, or further encumbrance thereof will frustrate the <br /> basic �purpases for which the Property is to be sold to the owner. There#ore, in <br /> . _ <br /> . Addendum - h5 . � ` <br /> FXS:fs <br /> 04/14/00 � � . � � <br />