Agmt21 Home Program Affordable Housing Regulatory

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"Approved Junior Lien" is defined in Section 1 of the Addendum to Deed of Trust "Approved Junior Lender" means an entity encumbering the Property with an Approved Junior Lien. Area Median Income, means the Area Median Income for San Mateo County, adjusted for household size, as determined by the United States Department of Housing and Urban Development ("HUD") and published by the California Department of Housing and Community Development in Section 6932 of Title 25 of the California Code of Regulations or successor provision published pursuant to California Health and Safety Code Section 50093(c). "City" means the City of Redwood City, a charter city and municipal corporation in the State of California. "Effective Date" means the date set forth in the preamble to this Agreement "Eligible Household" means a household that meets all of the following qualifications: (a) is a Low Income Household; (b) meets the following household size definitions: 1. For 1 -Bedroom Units 1-3 persons per household 2. For 2 -Bedroom Units 2-5 persons per household 3. For 3 -Bedroom Units 4-7 persons per household (c) meets the following qualifications: 1. Agrees to abide by the occupancy restrictions set forth in Section 4 below; 2. Does not intend to lease, rent, or sublet any portion of the Home to any relative of a member of the Eligible Household or to any third party; 3. Is a first-time homebuyer, as defined by the U.S. Department of Housing and Urban Development (HUD): a. An individual who has had no ownership in a principal residence during the 3 -year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers). b. A single parent who has only owned with a former spouse while married. c. An individual who is a displaced homemaker and has only owned with a spouse. d. An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. e. An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure; and 4. Agrees to the restrictions on the use and occupancy, resale and transfer of the Home during the Term of this Agreement and acknowledges and understands that the resale restrictions shall be applicable to the Home and to any resale of the Home during the Term of this Agreement. Habitat shall have the right, after application of the basic eligibility requirements set forth herein, to select, in its sole discretion, the ultimate purchaser of each unit subject to applicable requirements set forth in the Regulatory Agreement. "Excess Sales Proceeds" is defined in Section 5.5. "Event of Default" is defined in Section 8.1. "Exercise Notice" is defined in Section 6.2. SF #4815-2365-6406 v1 REV: 05-19-2021 SK