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6.1G Page 19 at affordable housing cost to families of moderate income, as those terms. are defined under Health and Safety Code sections 50052.5 and. 50093, respectively (each, an "Affordable Unit" and collectively, the "Affordable Units") for a period of forty-five (45) years; and WHEREAS, Owner is a Qualified Buyer, as that term is hereinafter defined, and thereby eligible to occupy an Affordable Unit; and WHEREAS, the purpose of this Resale Agreement is to place adequate controls on the Affordable Units, provide eligibility requirements for subsequent purchasers. and reserve unto the City an option to purchase the Subject Affordable Unit, as that tenn is hereinafter defined. NOW THEREFORE. Owner declares that the Subject Affordable Units described herein below is held and will be held. transferred, encumbered, used, sold, conveyed, leased and occupied subject to the covenants, restrictions and limitations set forth in this Resale Restriction Agreement and Option to Purchase (the "Resale Agreemenr), all of which are in accordance with the requirements of the Precise Plan. All of the restrictions. covenants and limitations will run with the land and will be binding on all parties having or acquiring any right, title or interest in the Subject Affordable Unit described below. or any part thereof, and to any improvements related thereto, and ~i11 inure to the benefit of the City. Each grantee of a conveyance or purchaser under a contract or agreement of sale covering any right. title or interest in any part of the Subject Affordable Unit, by accepting a deed or a contract of sale or agreement of purchase, accepts the Subject Affordable Unit, subject to, and agrees to be bo~nd by all of the restrictions. covenants and limitations set forth in this Resale Agreement. 1 Caoitallzed Terms and Definitions. All capitalized terms not otherwise defined herein shall have the same meaning ascribed to them by the Precise Plan, unless the context clearly indicates a different meaning. For purposes of this Resale Agreement, the following terms shall have the meaning set forth below: City - shall mean the City of Redwood City, a municipal corporation of the State of California. . Closing Costs - shall mean the actual and reasonable costs to Owner, including real estate commissions or sales administrative fees, real estate transfer taxes, tiUe insurance, and escrow costs incurred by reasons of the Transfer of the SUbject Affordable Unit by Owner, but shall not include the costs of repair or rehabilitation of the Subject Affordable Unit for matters such as termite damage, appliance replacement, and the like. Eligible First Loan - shall mean a fully amortized fixed rate first mortgage loan with a term of up to thirty (30) years available from an institutional lender, -including without limitation, commercial banks, savings banks, credit unions or similar lenders, which loan does not include any of the following: (i) a prepayment penalty, (ii) loan points in excess REOW\OOO1\DOC\023-2.DOC 11/24/08 730 HvT 2