AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 64 of 113 granted to Owner should Owner or any other party fail to comply with the provisions of this Agreement. H. This Agreement restricts the occupancy and resale of the Home in consideration of the economic benefits to Owner resulting from the Owner purchasing the Home at a price substantially below the market rate price of a comparable home and with financing provided by Habitat on more favorable terms than market rate financing Specifically, this Agreement grants Habitat and the City an option to purchase the Home at a restricted price, requires that the Home be transferred only to an Eligible Household (as defined below), and requires that Owner pay Excess Sales Proceeds (as defined below) in the event Owner sells the Home in violation of this Agreement. I. The City provided certain grants and below market -rate financing to subsidize the cost of development of the Home, and Owner's execution and recordation of this Agreement and the Homebuyer Deed of Trust (defined below) are requirements of such financing AGREEMENT NOW, THEREFORE, Owner and Habitat hereby covenant and agree for themselves, their successors and assigns as follows: DEFINITIONS. As used in this Agreement, the following words and terms shall have the meaning as provided in the Recitals or in this Section 1 unless the specific context of usage of a particular word or term may otherwise require: "Adjusted Household Income" means the Gross Income as defined in California Code of Regulations Title 25 Section 6914 of each individual or family residing in the Home, as adjusted based upon household size in accordance with the household income adjustment factors pursuant to California Code of Regulations Title 25 Section 6914, as amended, or in the event that this regulation is no longer published or is no longer applicable, any other appropriate adjustment factors as reasonably determined by Habitat and City. "Adjustment Period" is defined in Section 6.5. "Affordable Housing Cost" means a monthly obligation to pay mortgage payments (principal and interest), property taxes, property insurance, mortgage insurance (if required by mortgage lender), utilities, and homeowners' association dues (if applicable) in an aggregate amount not greater than one -twelfth of thirty percent (30%) of household Gross Income. For the purpose of calculating Affordable Housing Cost, mortgage payments that the homeowner is required to pay on a current basis are included, but "silent" mortgages that do not require payment of principal and interest are excluded "Affordable Sales Price" means the sale price that will result in an Affordable Housing Cost to the homebuyer, as more particularly defined in the Regulatory Agreement. "Approved Junior Lien" is defined in Section 1 of the Addendum to Deed of Trust. "Approved Junior Lender" means an entity encumbering the Property with an Approved Junior Lien "Area Median Income" means the Area Median Income for San Mateo County, adjusted for household size, as determined by the United States Department of Housing and Urban 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 60 of 109) 77