Laserfiche WebLink
<br />ii\.iO-._,_....'"' , """ ..., <br /> <br />6.1G <br />Page 21 <br /> <br />Term - shall have the'meaning .set forth in Sectiol") 2 below. <br /> <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 inheritance to an existing spouse, <br />surviving joint tenant, or a spouse as part of a dissolution proceeding or in connection <br />with marriage. <br /> <br />Transfer Amount - shall have the meaning set forth in Section 11 below. <br /> <br />2. Affordabilitv Covenants. Owner hereby agrees that the affordability <br />covenants contained in this Resale Agreement shall remain in effect upon the Subject <br />Affordable Unit for forty-fIVe (45) years from the execution date of this Resale <br />Agreement (the "Term"). Owner covenants that the Subject Affordable Unit shall be <br />sold to, owned, occupied and maintained affordable to persons and families of <br />moderate-income, earning not more than one hundred twenty percent (1200/0) of HUD's <br />Area Median Income for San Mateo County ("AMI"), as adjusted from time to time <br />("Qualified Buyers"). Qualified Buyers income sh~1I be calculated on the basis of their <br />"Gross Income", as defined under Title 25, Section 6914, of the California Code of <br />Regulations, as amended from time to time. <br /> <br />3. Description of Subiect Affordable Unit. This Resale Agreement concerns <br />Unit Numbers 204, 205, 209, 305, 310 and 410, located at 885 Woodside Drive, <br />Redwood City, California 94061, which is more fully described in the attached Exhibit <br />"A" and which 'has a purchase price of Three Hundred Eight Thousand and Eight <br />Hundred Dollars ($308,800). Owner has purc~ased the Subject Affordable Unit by <br />obtaining an Eligible First Loan of Dollars <br />($ , ). Owner's down payment for the Subject Affordable Unit is Thirty <br />Thousand and Eight Hundred Dollars ($30,800). <br /> <br />4. Owner Certifications. Owner certifies that: (a) the financial and other <br />information previously provided to the City in order to qualify to purchase the Subject <br />Affordable Unit is true and correct as of the date of execution of this Resale Agreement; <br />and (b) Owner shall occupy the Subject Affordable Unit as Owner's Principal Residence. <br /> <br />5. Occuoancv Standards: Leasina 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 <br /> <br />REDW\OO01\DOC\023-2.DOC <br />11124/08730 HvT <br /> <br />4 <br />