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<br />78 <br />Page 19 <br /> <br />of two (2) points total, and (in) additional processing, application and other loan-related <br />fees (exclusive of customary San Mateo County escrow and title charges) to the extent <br />such fees equal an amount greater than Dollars ($ .00). An <br />Eligible First Loan shall not exceed ninety percent (900/0) of the sales price for the <br />Subject Affordable Unit, or Two Hundred Seventy-Seven Thousand, Nine Hundred <br />Twenty Dollars ($277,920.00). An Eligible First Loan shall not allow adjustable rates or <br />balloon payments. <br /> <br />Eligible Second Loan - shall mean a second mortgage IqS~;;{a"ailable from a public <br />source such as a First Time Homebuyer Program, gen~rft ':'omprised of Federal or <br />State funds {CaIHFA, CDBG, HOME, Redevelopment,.:;~i~~~~~~'t:L;:;,.n Eligible Second Loan <br />shall not exceed five percent (5%) of the sales price tftt*ifte Aff~<~ble Unit. An Eligible <br />Second Loan will typically be "silent", meaning pa~, .~~pts will be '(fe1!rred for at least five <br />(5) years. .. tir'" '<(;t~~\~t\\::.. <br /> <br />",:::1=:.:.:,,:':. <br />. :~~::~t:;3.; ;~. <br />::::~ ':!', ..:.... <br />.:~;.:.~f0(:~ ~ . <br />',';:::::',':1: <br /> <br />Equity Loss - shall have the meaning set ~ :_."...".~ Section~J:~" below. <br /> <br />., ., ."'; 'h::;:'.:'~ <br />'"::f~~i~~f;:." .:~2;j;D,? <br />Gross Income - shall have the meaning set forr';;i:'~" . .IWon 2 below. <br /> <br /> <br />Home Equity Loan - shall have the meaning set fort .;"ft~ection 6(c) below. <br /> <br />~"'';'l'::::;:''. <br />Mlt~~~~1:.I.' <br />Ineligible Loan - shall ,::~_n any loan other than an ~Ie First Loan or Eligible <br /> <br />Second Loan. ,,;J;i~w!fw\tiW\(~~i~~~i.~~.h.. <br /> <br />Line(s) of Credit ~J~.;'i;f;;have tii: '\ eaning set forth in Section 6(b) below. <br />. . <br />..~:.. <br />Principal Residel1'_~~:;.shall .,,:. .:' . ..~ffordable Unit occupied by a Qualified Buyer as <br />his or her primary resr....'::.. .,,,J~i{~; . ..' .... ., ence is one that is not leased or rented to <br />others for more than thi'. .;\\.<:.?"') days in an . ',- endar year, <br /> <br />Proposed Purchaser - m~~t;*':~"\' II .individuals or entities comprising the purchaser to <br />whom Owner or the City intends". . ' .[anster the Subject Affordable Unit. <br /> <br />~';:i::~~~" <br /> <br />Qualified Buyers - shall have the meaning set forth in Section 2 below and shall mean <br />a Proposed Purchaser of the Subject Affordable Unit who meets the requirements for an <br />eligible Transfer as set forth in Section 10 of this Resale Agreement; provided, however, <br />that the City shall be considered a Qualified Buyer without regard to the requirements of <br />Section 10. <br /> <br />Subject Affordable Unit - shall mean the property which is the subject ot this Resale <br />Agreement, including all improvements now or later created on the Property, and all <br />easements to, rights, appurtenances and fixtures now or in the future to be attached to <br />the Subject Affordable Unit, located at 885 Woodside Drive, Redwood City, California, <br />and described in the attached Exhibit "A". <br /> <br />REOW\O001\DOC\023~2.DOC <br />11/24/08 730 HvT <br /> <br />3 <br />