AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 47 of 113 "Assumed Household Size" means a household of one person for a studio unit, two persons for a one -bedroom unit, three persons for a two-bedroom unit, and one additional person for each additional bedroom. "Authorized Representative" means the City Manager of the City of Redwood City or his or her designee. "BMR Units" means the twenty (20) residential condominium units within the Project that must be sold to Eligible Households at Affordable Sales Prices in accordance with this Agreement. "Effective Date" is the date set forth in the Preamble to this Agreement. "Eligible Household" means a Low -Income Household who qualifies to purchase a BMR Unit pursuant to this Agreement and the requirements set forth in the Resale Restriction Agreement. "Excess Proceeds" is defined in the Resale Restriction Agreement. "Excess Sales Proceeds" is defined in the Resale Restriction Agreement. "Gross Income" shall have the meaning set forth in Section 6914 of Title 25 of the California Code of Regulations as such Section may be revised from time to time. "Homebuyer Deed of Trust" means the Deed of Trust to be executed by the homebuyer as trustor for the benefit of City substantially in the form attached hereto as Exhibit _C, and recorded in the Official Records at the closing for the sale of each BMR Unit. "Low -Income Household" means a household whose Gross Income does not exceed the qualifying limit for lower income households as established and amended from time to time by the U.S. Department of Housing and Urban Development ("HUD") pursuant to Section 8 of the United States Housing Act of 1937 and published by the California Department of Housing and Community Development ("HCD") pursuant to Section 50079.5 of the California Health and Safety Code, adjusted for Actual Household Size. "Official Records" means the Official Records of the San Mateo County Recorder. "Project" is defined in Recital B. "Property" is defined in Recital A. "Resale Restriction Agreement" means the Grant of Option to Repurchase and Resale Restriction Agreement to be executed by and between Developer and the homebuyer IOMMi3WaVaa9:t 1619\01\2924770.1 10/9/2020 OAK #4847-7408-069700 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 43 of 109) M.