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<br />Apr-13-QO 02:3BP F;rst Home$ Inc. <br /> <br />415 3B7 1369 <br /> <br />P.O9 <br /> <br />lA31 <br /> <br />SHARED APPRECIATION LOAN AGREEMENT <br /> <br />This Loan Agreement made this - day of <br />REDEVELOPMENT AGENCY ("Lender") <br />("Participant") and <br /> <br />. 19_, by and between REDWOOD CITY <br /> <br />("Co-Owner"). <br /> <br />RECITALS: <br /> <br />A. Lender has established a First Time Home Buyer Program ("Program") for the benefit for <br />households who are either employed within the geographic region or currently reside within the gcographic <br />region of Redwood City <br /> <br />13. <br /> <br />Participant and Co-Owner (if any) wiJI receive a Joan from Lender under the Program. <br /> <br />C. The parties wish CO enter into this Loan Agreement to define the rights and obligations of <br />Participant and Co-Owner with respect to the Loan. <br /> <br />NOW, THEREFORE, the parries agree as follows: <br /> <br />1. <br /> <br />DefilÙtions. <br /> <br />a. A Participant includes households as employees described in the attached in Schedule <br />A ot'the Borrower Disclosure statement or who are either employed within the geographic region and/or <br />currently reside within the geographic region of Redwood City <br /> <br />b. A Co-Owner is a spousc, parem. child or domestic partner who will reside in the Home <br />with Participant as his Of her principal residence and who owns an interest in the Home. <br /> <br />c. <br /> <br />Home shall mean the real property conunonly known and described as <br />, California, which will be the Principal Residence of Participant and <br /> <br />Co.Owner. <br /> <br />d. Principal Residence means the place where Participant and/or Co-Owner reside on a <br />suhstantially full-time hasis. tor not less than t.cn (10) months in each calendur year. <br /> <br />e. Note means the promissory note made hy Participant and Co-Owner payahle to Lender <br />secured hy the Junior Deed of Tmst upon the Home. <br /> <br />f. Senior Deed of Tru~1 means the deed of trust made by Participant and Co-Owner [() a <br />lender which is a prior lien upon the Home senior to the Junior Deed of Trust, conuuonly referred to as the <br />firSL lender. <br /> <br />Slmrc:IJ Hrl'lrCci¡¡liUII altrccmem.rCy 4/2111,)1,) <br /> <br />Page 1 <br /> <br />-~----- "~-T <br />