Laserfiche WebLink
B. The property located in the City and mare particularly described in Exhibit A <br />attached hereto and incorporated herein (the "Home'), was originally purchased by a lower- <br />income household, at an affordable sales price pursuant to the First Time Homebuyer <br />Program and in accordance ordance with Health and Safety Code §§33000 el seq. (the "Community <br />Redevelopment Law"). Pursuant to the First TimeHomebuyer Program and the Community <br />Redevelopment Law, the Home was required to be sold only to low or, moderate, income <br />households. Owner intends to purchase: the Home as a lower-iticome Home. <br />I C. The purchase price of the Home pAid.by the Owner is set, forth on page I of <br />this Agreement (the "Owner's Base Price"). <br />D. Pursuant to the First Time Homebuyer Program and the Community <br />Redevelopment Law, the City is required to ensure. the continued affordability of the Home <br />as an Affordable Unit, and the City therefore requires the Owner to execute this Agreement <br />as a condition of the Owner's purchase of the Home. The Owner has agreed to execute and <br />comply with this Agreement in consideration of the fact that' the Owner is being given the <br />opportunity to purchase the Home at an affordable price, which is bellow the fair market <br />value of the Home. <br />E. The, purpose of this Agreement is to place resale Controls on the Home and, to <br />require the payment of any excess proceeds of sal ' e or excess rental proceeds to the City. <br />This Agreement also provides the City an, option to purchase the Home at'a restricted price, <br />given in consideration of the economic benefits to the Owner resulting from the purchase of <br />the Home at a below market price in accordance with the requirements of the First Time <br />Homebuyer Program and the Community Redevelopment Law. <br />F. The Owner is receiving the following purchase money loans: <br />Name of Lender Amount Date Deed of Trust <br />Recorded <br />1. Bank, of America, $ X11 '2 <br />N.A.. <br />All purchase money loans are, collectively, the "First Lender Loan." All lenders of purchase <br />money loans are, collectively, the "First Lender." The First Lender Loan is secured by one <br />(1) deed :of trust executed by the Owner in favor of the First Lender and recorded in the <br />County of San Mateo concurrently with this Agreement (collectively,. the "First Lender <br />Deed of Trust"). <br />G, This, Agreement shall be secured by a deed of trust in a form as approved by <br />the City Attorney and recorded against the Home in the official records of San Mateo <br />County (the "City Deed of trust"). This Agreement and the Deed of Trust shall be <br />subordinate to the lien of the First Lender Deed of Trust. <br />NOW, THEREFORE, in consideration of the benefits received by the Owner and the <br />City, thd'Owner and the City agree, as follows: <br />REV: 06-30-12 SK <br />ATTY/AGR.2022.166/Hugo Alberto Zarco Vargas & Andrea Vergara Cardenas (Page 2 of 40) <br />