AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 63 of 113 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Habitat for Humanity Greater San Francisco, Inc. 600 Washington Street, Suite 260 San Francisco, CA 94111 SPACE ABOVE THIS LINE FOR RECORDER'S USE GRANT OF OPTION TO REPURCHASE AND RESALE RESTRICTION AGREEMENT This Grant of Option to Repurchase and Resale Restriction Agreement (the "Agreement") is entered into this day of ("Effective Date") by and among Habitat for Humanity Greater San Francisco, Inc., a California nonprofit public benefit corporation ("Habitat"), , a ("Owner"), and the City of Redwood City, a charter city and municipal corporation ("City") RECITALS A. Habitat's primary and substantial purpose is to provide home ownership opportunities to individuals and families with low incomes by offering homes for sale at prices which are substantially below those otherwise prevailing in the market and by providing 100 percent, no interest financing of the purchase price. B. Habitat's intent is to preserve the affordability of such homes for low income households by, among other things, restricting the price at which the homes may be resold and restricting the occupancy of such homes to eligible households C. The homes provided by Habitat for eligible low income households constitute a valuable community resource; and it is necessary, proper and in the public interest for Habitat to protect and preserve this resource by administering occupancy and resale controls by means of this Agreement. D. Owner intends to purchase a home (the "Home's from Habitat, located at 612 Jefferson Avenue, Unit No. , in Redwood City, San Mateo County, California (the "Property'), to be owned and occupied by Owner as their principal residence. The legal description of the Home is attached to this Agreement as Exhibit A and incorporated herein by this reference E. Owner has agreed to pay Dollars ($xxx,000) (the "Purchase Price'�to Habitat for the purchase of the Home F. Owner is receiving a first mortgage loan from Habitat (the "Habitat Loan's in the amount of Dollars ($xxx,000) towards the Purchase Price on the terms set forth in a promissory note executed by Owner in favor of Habitat (the "Note') and secured by a deed of trust on the Home executed by Owner in favor of Habitat (the "Habitat Deed of Trust). G. Owner's title to the Home is subject to this Agreement and the "Power of Termination" as set forth in that certain Grant Deed with Power of Termination conveying the Home from Habitat to Owner (the "Grant Deed) whereby Habitat has a right and power to terminate the estate and title REV: 01-22-21 PR 1619\01\2521032. 1 10/9/2020 OAK #4834-0642-2484 Q ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 59 of 109) 76