AgdaPkt 2000-04-24 - Laserfiche WebLink

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,�;i-13 - . � Therefore, the Eligibfe Househoid Purchase Addendum shali provide that Peninsula Habitat for Humanity, the City of Redwood City, or the Redwood City Redevelopment Agency if Habitat chooses not to exercise its rights, with� a right to repurchase the Property shoufd the owner decide to self or otherwise transfer the Property. Shou(d the owrrer or any other party fail to comply with the provisions of the Eligible Household Purchase Addendum, then the Eligible Househofd Purchase Addendum shall provide. that Flabitat has a rigfat and po�+rer of termination of the estate and title granted by the Grant Deed to which the Eligible Household Purchase.Addendum is attached. b. Occupancy and Ownership Restricted to Eligibfe Households. During the term of the Eligible Ho.usehold Purchase Addendum, the owner of t�he Property m�tst occupy the Property as his or her principal residence. The owner shall be .. presumed to be occupying the Propert� as his or her principal residence if the owner is living in the Prop.erty for at.least ten (10) months oui of each calendar year. Peninsufa Habitat may waive this occupancy requirement for good cause at its sole discretion. The owner shall r�ot rent or lease the Property for more than two months during any tweive-month period and shall nat lease or rent the Property vuitholit providing Reninsula Habita# with a copy of the lease or rental , agreement. Any lease or rental in violation of the provisions of the E(igible Household Purchase Adc�endum sk�all be prohibited and void. Except as so provided in the Eiigible Household Purchas� Addendum, all leasing or re�tal of ' the •Property� shall be a Transfer as defined in the Eiigible Mousehofd Purchas�e '` Addendum, and subject to the provisions ofithe Eiigible Household Purchase Addend�m., . �c. Efigible Household. As used in the Efigible Household Purchase Addendum, . . the term "E(igible Household" shall mean a.Household which: (1) resided within the incorporated area of the City of Redwood City at the time of � application, (2)has a househofd income not to exceed 50%0 of th�e' area rrreciian� income for San Mateo County estabfished by the U.S. Department of Housing and Urban Development, and _ (3) meets large famiiy definition of {arge family household of five or more persons �(4) is eiigible to participate in the ownership. of the Property both (i) economicaliy �ja household whose income does not exceed the qualifying iimits for very low i�come househofds as estabiished pursuant �o Section 8�of the United States Housirtg Act of 1937 as amended from t�me to �ime], and (ii) non-economically [which shall include, but not be fimited to, the owner stating its warranted intent to personally and continuousiy occupy the Property as its soie residence for the foreseeable future, and that household size relative to th� size of the Property complies with standards adopted by Peninsula Habitat and consistent with Conso(idated Plan goals of the City of Redwood City]. . -3- . Addendum - h5 � , FXS:fs . 04/14/00 .