1231 Warren - Occupancy, Refinancing and Resale Restriction Agreement

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Health and Safety Code Section 33411.3 or by public projects implemented by the City; or (2) live (or have ever lived), work or have been offered work in the City of Redwood City. C. Eligible Purchaser. A Proposed Purchaser shall qualify as an "Eligible Purchaser" if he or she meets the following requirements, as determined by the City: (1) Intent to Owner Occunv. The Proposed Purchaser shall certify that he or she will occupy the Home as his or her principal place of residence throughout his or her ownership. (2) Agreement to Sign Buyer's Occupancy. Refinancing, and Resale Restriction Agreement with Option to Purchase and to Cooperate with City. The Proposed Purchaser shall agree to sign a new buyer's Occupancy, Refinancing, and Resale Restriction Agreement with Option to Purchase restricting future resale of the Home with a new forty- five (45) year Term and a new City Deed of Trust, and shall agree to cooperate fully with the City in promptly providing all information requested by the City to assist the City in monitoring the Proposed Purchaser's compliance with the buyer's Occupancy, Refinancing, and Resale Restriction Agreement with Option to Purchase. (3) Income Eligibility. The combined maximum income for all adult household members of the Proposed Purchaser shall not exceed the income level designated by the City in the First City Response Notice for an Eligible Purchaser, and as designated on page 1 of this Agreement. D. Maximum Allowable Sales Price and Closing Costs. The purchase price for the sale of the Home by the Owner to the Proposed Purchaser shall not exceed the Maximum Allowable Sales Price calculated by the City as described in Exhibit B hereto, as set forth in the First City Response Notice. The Maximum Allowable Sales Price shall not include closing costs paid by the Proposed Purchaser. The closing costs paid by the Proposed Purchaser shall not exceed reasonable and customary buyers' closing costs in the County of San Mateo. E. Disclosure and Submittals. The Owner and the Proposed Purchaser shall provide the following information and documents to the City: (1) The name, address and telephone number in writing of the Proposed Purchaser. (2) A signed financial statement of the Proposed Purchaser in a form acceptable to the City and any other supporting documentation requested by the City, which may include but shall not be limited to State and Federal income tax returns from the Proposed Purchaser for the previous three (3) years. The financial information shall be used by the City to determine the income eligibility of the Proposed Purchaser. (3) The proposed sales contract and all other related documents, which shall set forth all the terms of the resale of the Home. Said documents shall include at least the following terms: (a) the sales price; and (b) the price to be paid by the Proposed Purchaser for the Owner's personal property, if any, (c) for the services of the Owner, if REV: 06-30-22 SK ATTY/AGR.2022.166/Hugo Alberto Zarco Vargas & Andrea Vergara Cardenas (Page 11 of 40)