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<br />6.1C
<br />Page 23
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<br />Term - shall have the meaning set forth in Section 2 below.
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<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 inherjtanq~, to an existing spouse,
<br />surviving joint tenant, or a spouse as part of a dissolution prq~eding or in connection
<br />with marriage.
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<br />Transfer Amount - shall have the meaning set forth ini~~btioH:;1;1,pelow.
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<br />2. Affordabilitv Covenants. Owner,~~t~by agrees ih:atthe affordability
<br />covenants contained in this Resale Agreemem~ishall remain in effectup~qf' the Subject
<br />Affordable Unit for forty-five (45) years frOllf the date;,this Resale A:gt~ement (the
<br />'Term''). Owner covenants that the SubjecFAff()rdabl~i\\Jnit shall be sotd,to, owned,
<br />occupied and maintained affordable to persons;:andfamilies of low- or moderate-
<br />income, earning not more than ooe, ,hundred twenty. percent (1200/0) of HUD's Area
<br />Median Income for San Mateo COU(lWf'f\M,I"), as adj~~t,ed from time to time rQualified
<br />Buyers"). Qualified Buyers income:shan1b~",q~lculated';()I) the basis of their uGross
<br />Income", as defined under Title 25, Serrtion 691~Lbftl1ecat~1lrnia Code of Regulations,
<br />as amended from time tot;n[l~J:,:,"'L';": "':';";:l' ..
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<br />3. DeSCril)ligh:~f sJl~i~ct AffOr(J~~ie Unit. This Resale Agreement concerns
<br />Unit Numbers 204.':205, 209,:;~05, 310'~nd 410, located at 885 Woodside Drive,
<br />Redwood City, Galif9rnia 94Q~,.t,,)^{h,ich is mAre fully described in the attached Exhibit
<br />"Au and which has:~:iLiP:pr9DC)se:prib~,:pf:Jh'rae Hundred Eight Thousand and Eight
<br />Hundreq[)Rn~r;;($308;~qQ). Owner hSsipurchased the Subject Affordable Unit by
<br />obtainirlg:an Eliglple Fif5t~oan of Dollars
<br />($ ,.",'. ). Owner's dowl1,payment for the Subject Affordable Unit is Thirty
<br />ThoLlsand and Eight Hundred DqUqrs ($30,800).
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<br />4. <,pwner CertI~pations. Owner certifies that: (a) the financial and other
<br />informationPreyiously prq\jided to the City in order to qualify to purchase the Subject
<br />Affordable Uniti$~~ue art~correct as of the date of execution of this Resale Agreement;
<br />and (b) Owner shcWoqcmpy the Subject Affordable Unit as Owner's Principal Residence.
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<br />5. Occupancy Standards: Leasinq 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 United
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<br />REDW\OOO 1 \DOC\023-2. DOC
<br />11124/08 730 HvT
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