1231 Warren - Occupancy, Refinancing and Resale Restriction Agreement

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(19) "Income Eligible Household" is defined in Section 6B(1). (20) "Inheriting Owner" is defined in Section 6B(1). (21) "Lower Income Household" means persons and families whose income does not exceed eighty percent (80%) of the then -current area median income of the County of San Mateo adjusted for family size by the State Department of Housing and Community Development in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development pursuant to Section 8 of the United States Housing Act of 1937, as amended, and Health and Safety Code Section 50079.5, as this section may hereafter be amended from time -to -time by the State of California. (22) "Market Purchaser" is defined in Section 9F. (23) "Maximum Allowable Resale Price" means the maximum sales price that Owner can receive for the sale of the Home to any purchaser. The Maximum Allowable Resale Price must result in a price that will result in projected average monthly housing payments during the first calendar year of a household's occupancy, including interest, principal, mortgage insurance, property taxes, homeowners insurance, homeowners' association dues, if any, and a reasonable allowance for utilities, property maintenance, and repairs, not exceeding the sales prices specified by Section 50052.5 of the California Health and Safety Code and California Code of Regulations Title 25, Sections 6910-6924 for a household in the income category applicable to the Home as set forth on page 1 of this Agreement. The Maximum Allowable Resale Price shall include a downward adjustment, where applicable, in an amount necessary to repair any violations of applicable building, plumbing, electric, fire or housing codes or any other provisions of the City Building Code. The methodology utilized by the City to determine the Maximum Allowable Resale Price is set forth in Exhibit B attached hereto and incorporated herein by this reference. (24) "Moderate Income Household" means persons and families whose income does not exceed one hundred twenty percent (120%) of the then -current area median income of the County of San Mateo adjusted for family size by the State Department of Housing and Community Development in accordance with California Health and Safety Code Section 50093, as it may be amended from time -to -time. Section 9F. REV: 06-30-22 SK (25) "Owner" is defined in first sentence of the Agreement on page 1. (26) "Owner's Base Price" is defined in Recital C. (27) "Owner's Notice of Failure to Locate Eligible Purchaser" is defined in (28) "Owner's Notice of Intent to Transfer" is defined in Section 7A. (29) "Permitted Encumbrance Amount" is defined in Section 23B. (30) "Proposed Purchaser" is defined in Section 9A. ATTY/AGR.2022.166/Hugo Alberto Zarco Vargas & Andrea Vergara Cardenas (Page 4 of 40)