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<br />~""';;;;;"":;",~,~~"",~,~~""",,_.,.,;"___,._".-,-,.._~~_.,_:",.._.,.-L.::.c~_,"_..~~~~",.~';':","" <br /> <br />6.1G <br />Page 20 <br /> <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. " <br /> <br />Eligible Second Loan - shall mean a second mortgage loan available from a public <br />source such as a First Time Homebuyer Program, generally comprised of Federal or <br />State funds (CaIHFA, COB"G, HOME, Redevelopment, etc.). An Eligible Second Loan <br />shall not exceed five percent (5%) of the sales price for the Affordable Unit. An Eligible <br />Second Loan will typically be "silent", meaning payments will be deferred for at least fIVe <br />(5) years. <br /> <br />Equity Loss - shall have the meaning set forth in Section 13 below. <br /> <br />Gross Income - shall have the meaning set forth in Section 2 below. <br /> <br />Home Equity Loan - shall have the meaning set forth in Section 6(c) below. <br />Ineligible "Loan - shall mean any loan other than an Eligible First Loan or Eligible <br />Second Loan. <br /> <br />Llne(s) of Credit - shall have the meaning set forth in Section 6(b) below. <br /> <br />Principal Residence - shall mean an Affordable Unit occupied by a Qualified Buyer as <br />his or her primary residence. A primary residence is one that is not leased or rented to <br />others for more than thirty (30) days in any calendar year. <br /> <br />Proposed Purchaser - means all individuals o~ entities comprising the purchaser to <br />whom Owner or the City intends to transfer the Subject Affordable Unit. <br /> <br />Qualified Buyers - shall have the meaning set forth in Section 2 below and shall mean <br />a Proposed Purchase"r of the Subject Affordable Unit who meets the requirements for an <br />eligible Transfer as set forth in Section 10 of this Resale Agreement; provided, however, <br />that the City shall be considered a Qualified Buyer without regard to the requirements of <br />Section 10. <br /> <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 "AN. <br /> <br />REDW\OOO1\DOC\023-2.00c <br />11/24108 730 HvT <br /> <br />3 <br />