1231 Warren - Occupancy, Refinancing and Resale Restriction Agreement

Browse Search

B. The property located in the City and more particularly described in Exhibit A attached hereto and incorporated herein (the "Home"), was originally purchased by a lower- income household at an affordable sales price pursuant to the First Time Homebuyer Program and in accordance with Health and Safety Code §§33000 et seq. (the "Community Redevelopment Law"). Pursuant to the First Time Homebuyer Program and the Community Redevelopment Law, the Home was required to be sold only to low or moderate income households. Owner intends to purchase the Home as a lower-income Home. C. The purchase price of the Home paid by the Owner is set forth on page I of this Agreement (the "Owner's Base Price"). D. Pursuant to the First Time Homebuyer Program and the Community Redevelopment Law, the City is required to ensure the continued affordability of the Home as an Affordable Unit, and the City therefore requires the Owner to execute this Agreement as a condition of the Owner's purchase of the Home. The Owner has agreed to execute and comply with this Agreement in consideration of the fact that the Owner is being given the opportunity to purchase the Home at an affordable price, which is below the fair market value of the Home. E. The purpose of this Agreement is to place resale controls on the Home and to require the payment of any excess proceeds of sale or excess rental proceeds to the City. This Agreement also provides the City an option to purchase the Home at a restricted price, given in consideration of the economic benefits to the Owner resulting from the purchase of the Home at a below market price in accordance with the requirements of the First Time Homebuyer Program and the Community Redevelopment Law. F. The Owner is receiving the following purchase money loans: Name of Lender Amount Date Deed of Trust Recorded 1. Bank of America, $ N.A. All purchase money loans are, collectively, the "First Lender Loan." All lenders of purchase money loans are, collectively, the "First Lender." The First Lender Loan is secured by one (1) deed of trust executed by the Owner in favor of the First Lender and recorded in the County of San Mateo concurrently with this Agreement (collectively, the "First Lender Deed of Trust"). G. This Agreement shall be secured by a deed of trust in a form as approved by the City Attorney and recorded against the Home in the official records of San Mateo County (the "City Deed of Trust"). This Agreement and the Deed of Trust shall be subordinate to the lien of the First Lender Deed of Trust. NOW, THEREFORE, in consideration of the benefits received by the Owner and the City, the Owner and the City agree, as follows: REV: 06-30-22 SK ATTY/AGR.2022.166/Hugo Alberto Zarco Vargas & Andrea Vergara Cardenas (Page 2 of 40)