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<br />6.1C
<br />Page 22
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<br />of two (2) points total, and (iii) 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.
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<br />Eligible Second Loan - shall mean a second mortgage Iq~o\i~\jailable from a public
<br />source such as a First Time Homebuyer Program, genef~ffy:comprised of Federal or
<br />State funds (CaIHFA, COBG, HOME, Redevelopment, t3t9J}U'~n Eligible Second Loan
<br />shall not exceed five percent (50/0) of the sales price fot;thie Affbrqpble Unit. An Eligible
<br />Second Loan will typically be "silent"t meaning paYrn~l1ts will be deterred for at least five
<br />(5) years.,),:;' "':n:
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<br />Equity Loss - shall have the meaning set fo~nHh Section ;}jIT; below.
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<br />Gross Income - shall have the meaning set forth'irnI9~Rtion 2 below.
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<br />Home Equity Loan - shall have th~,~e~'~i~~ set fortHiiQll~,ection 6(c) below.
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<br />Ineligible Loan - shall mean any lba'n, othert~pJ]tan EIl~it>le First Loan or Eligible
<br />Second Loan.,: '...,.....,.,,-11>>./,."
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<br />Line(s) of Credit -~I1~II'have th~Jneaning'set forth in Section 6(b) below.
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<br />Principal Residence',~.,.shall m~~h an "Affordabl,e, Unit occupied by a Qualified Buyer as
<br />his or her primary resi~~~,c~..ii~Ptlm~"('W r~~iq~hce is one that is not leased or rented to
<br />others forrn(i,re ~ran thirty (30') days in any: cEtfendar year.
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<br />ProF,)o~ed Purchaser.- means .all individuals or entities comprising the purchaser to
<br />whom Qwner or the City intends t~transfer the Subject Affordable Unit.
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<br />Qualified Sqyers - shall h,~ve the meaning set forth in Section 2 below and shall mean
<br />a Proposed Pl1tc;,~aser of~~~ Subject Affordable Unit who meets the requirements for an
<br />eligible Transfe{~$se~;f;~.tth in Section 10 of this Resale Agreement; provided, however,
<br />that the City shall'b~:pqJi'sidered a Qualified Buyer without regard to the requirements of
<br />Section 10."
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<br />Subject Affordable Unit - shall mean the property which is the subject of 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 "Au.
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<br />REDW\OOO 1 \DOC\023-2, DOC
<br />11/24/08 730 HvT
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