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<br />6.1C
<br />Page 26
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<br />contingent upon the City's approval of the physical and environmental condition of the
<br />Subject Affordable Unit and condition of title. This Section 9 shall not be construed or
<br />understood to confer any rights upon any third parties, including without limitation,
<br />Owner's lender, and exists solely for the benefit of the City and its assignees.
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<br />At any time within the ninety (90)-day period referred to in Section 8 above, even
<br />after the City notifies Owner of its interest in purchasing the Subject Affordable Unit, the
<br />City may assign its right to purchase the Subject Affordable Unit to a person or entity of
<br />its choosing. The City may re-assign its right to purchas~;itffi,stJcceeding persons or
<br />entities of its choosing in the event that the initial assigne~~;;~ithdraws or is disqualified
<br />from the purchase, provided that the close of escrow is wjtpi~;~be original period agreed
<br />to by and between Owner and the City, or such addJl~6nalp;<<~Jip'd as is agreed to by
<br />Owner. If the City or an assignee of the City fail~~~(Fcomplet~qt~~ purchase for any
<br />reason, the City may withdraw from the purcha~~:~thout penalty ot(li~bility and Owner
<br />may sell the Subject Affordable Unit to a Q4aJlfied Buyer as if the;~i1Khad failed to
<br />exercise its option. ' ' . '.,
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<br />1 O. Qualified Buvers. A Proposed'purchaser who meets the following
<br />requirements shall be considered ~iQualified Buyer:>
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<br />(a) The Prop'ps~d::eMr.chaser:s"~1I certify that the Subject
<br />Affordable Unit will be occupied as th~;purch!~s~(s Prindp,FLResidence, as defined in
<br />Section 1 of this Resale Agr~ement. . ,,':':}'
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<br />(l;:i)'}'" The~mbined,t:l.1~)(imum income for all household members
<br />of the Proposed F:':l'~chaser shall,~,ot exceeQ',;9ne hundred twenty percent (1200/0) of the
<br />median yearly incon1~ adjusteq;,for family si~~, for a family in San Mateo County as
<br />published by the C~lifornia,c>ep~ttrme~tof'ffiousing and Community Development
<br />("HCD") from,til1;l;e to tim,e. tf?lthe event;trn~t',such income determinations are no longer
<br />publishe(K.~:kh~ve'not beeni~updated for a 'period of at least eighteen months, the City
<br />may use 'or develdp$uch'o~l1er reasonable method as it may choose in order to
<br />detetrlnine the income'forJamil,es'i,n San Mateo County at one hundred twenty percent
<br />(1200io)pfthe median yeclrly" incom~, adjusted for family size.
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<br />11. "Determinatiol1:'of Transfer Amount. The sales price (the "Transfer
<br />Amount") for aTt~nsfer,?fthe Subject Affordable Unit to a Qualified Buyer or to the City
<br />shall be the sum"p~;th~:[)eed-Restricted Resale Price and the Sales Price Adjustment,
<br />as defined below: ' ,
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<br />(a) The Deed-Restricted Resale Price. Said term is defined and
<br />calculated, in the following manner: the Deed-Restricted Resale Price for any Transfer
<br />of the Subject Affordable Unit to a Qualified Buyer or to City or its assignee shall be the
<br />sum of the following amounts, as adjusted pursuant to Section 11 (a)(ii) of this Resale
<br />Agreement: the principal amount of the Eligible First Loan when first issued to Owner,
<br />the Appreciation Share, and the Increased Down Payment. Notwithstanding the
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<br />REDW\OOO1 \DOC\023-2,DOC
<br />11/24/08730 HvT
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