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<br />78 <br />Page 20 <br /> <br />Term - shan have the meaning set forth in Section 2 below. <br /> <br />Transfer - shall mean any sale, assignment or transfer, whether voluntary or <br />involuntary, and whether by deed, contract of sale, gift, devise, or otherwise, of any <br />interest in the Subject Affordable Unit, including but not limited to a fee simple interest, a <br />joint tenancy interest, a life estate, a leasehold interest, or an interest evidenced by a <br />land contract by which possession of the Subject Affordable Unit is transferred and <br />Owner retains title, except transfers by gift, devise or inheritance to an existing spouse, <br />surviving joint tenant, or a spouse as part of a dissolution proceeding or in connection <br />with marriage. <br /> <br />Transfer Amount - shall have the meaning set forth in Section 11 below. <br /> <br />.~Zi~tt~'~~:~i~ <br />2. Affordabilitv Covenants. Owne(~tii ~""':;reby agrees that the affordabitity <br />covenants contained in this Resale Agreem " "all remain in effect upon the Subject <br />Affordable Unit for forty-five (45) years the ex . !,.Ition date of this Resale <br />Agreement (the "Term"). Owner covenants' .lthe.... '>ct Affordable Unit shall be <br />sold to, owned, occupied and maintained ''':i,'- '"to persons and families of <br />moderate-income, earning not more than one hun" , enty percent (120%) of HUD's <br />Area Median Income for San Mateo County ("AM1-, Wt!i,$ adjusted from time to time <br />(IlQualified Buyers"). Qualified Buyers income shall be';~~J,~~lated on the basis of their <br />"Gross Income", as defined under Title 25, Section 691:~~~j;KQf the California Code of <br />Regulations, as amendeg.;; ,0 _, time to time. "1~;" <br />.:::~i~~f~~~:~. ...' jJ~!~~~it;M <br />3. Oescri, :.~~h"of Sul)~:?;!. t Affordable Unit. This Resale Agreement concerns <br />Unit Numbers _::"1:;i~r'205, 20 5, 310 and 410, located at 885 Woodside Drive, <br />Redwood City, C ;1\: . ia 94. . ~ch is more fully described in the attached Exhibit <br />"An and which has' .. -',:. ,. .Three Hundred Eight Thousand and Eight <br />Hundred Dollars ($30' , Owne'r ,,: . 'urchased the Subject Affordable Unit by <br />obtaining an Eligible FI--, .~an of Dollars <br />($ ). Owner's d ....\ ayment for the Subject Affordable Unit is Thirty <br />Thousand and Eight Hundred' 1 ..rs ($30,800). <br />. __:I' <br />, ",..' <br /> <br />4. Owner Certifications. Owner certifies that: (a) the financial and other <br />information previously provided to the City in order to qualify to purchase the Subject <br />Affordable Unit is true and correct as of the date of execution of this Resale Agreement; <br />and (b) Owner shall occupy the Subject Affordable Unit as Owner's Principal Residence. <br /> <br />5. Occuoancv Standards: Leasing of Subiect Affordable Unit. The Subject <br />Affordable Unit shall be occupied as the Principal Residence of Qualified Buyer and for <br />no other purpose. Owner shall not enter into agreements for the rental or lease of the <br />Subject Affordable Unit or otherwise allow for the rental or lease of the same. Any lease <br />or rental of the Subject Affordable Unit in violation of this Resale Agreement is <br />prohibited. The maximum occupancy of the Subject Affordable Units shall not exceed <br />the maximum occupancy allowed pursuant to the general requirements of the United2 <br />REDW\OO01\OOC\023-2.00C <br />11/24/08 730 HvT <br /> <br />4 <br />