AgdaPkt 2000-04-24 - Laserfiche WebLink

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3��-�� Therefore, the Eligible Household Purchase Addendum shali provide that Peninsula Habitat for Humanity, the City of Redwaod City,. or thE Redwood. Git�r Redevelopment Agency if Habitat chooses not to exercise its rights, with a right to repurchase the Property should the owner decide to sell or otherwise transfer the Property. Should the owrrer or any other party fail to comply with the provisions of the Efigible Household Purchase Addendum, then the Eligible Househo(d Purchase Addendum shall provide that Habitat has a rigtrt and power 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 Eligible Households. During the term of the Eligible Household Purchase Addendum, the owner of the Property must occupy the Property as his or her principal residence. The owner shall be presumed to be occupying the Property as his or her principal residence if the owner is Iiving in the Pcoperty �o.r at 6east t�en (1.0) manths:outof each calendar� year. Peninsula Habitat may waive this occupancyrequirement for good cause at its sole discretion. The ovmer shall r�ot rent or lease the Property for more than two months during any twelve-month period and shall not lease or rent the Property without providing Peninsula Habitat with a copy of the lease or rental � agreement. Any lease or rental in .violation of the provisions of the Eligible Household Purchase AdcFendum shall be prohibited and void. Except as so provided in the Eligible Household Purchas� Addendum, all leasing or rental of ' the Property� shall be a Transfer as defined in the E(igible Househofd Purchase ' Addendum, and subject to the provisions of the Eligible Household Purchase Addendum. c. Eligibfe Household. As used in the Efigible Household Purchase Addendum, the term "Eligible Household° shall mean a.Househofd which: (1) resided within the incorporated area of the City of Redwood City at the time of application, � (2)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 � (3) meets large family definition of large family household of five or more persons (4) is eligible to participate in the ownership of the Property both (i) economicaliy [a household whose income does not exceed the qualifying limits for very low income households as established pursuant �o Section 8 of the United States Housing Act of 1937 as amended from t�me to timeJ, 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 Peninsula Habitat and consistent with � Consolidated Plan goals of the City of Redwood City). -3- Addendum - h5 FXS:fs 04/14/00