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amount representing the difference between the Unit sales price by the Developer <br />to the Eligible Purchaser and the sum of (1) the First Mortgage; (2) the Promissory <br />Note; and (3) the Eligible Purchaser's down payment. <br />d. "City" means the City of Redwood City, a municipal corporation of the State of <br />California. <br />e. "Closing Costs" shall mean the actual and reasonable costs to the Owner, including <br />real estate commissions or sales administrative fees, real estate transfer taxes, title <br />insurance, and escrow costs incurred by reasons of the <br />Transfer of the Unit by the Owner but shall not include the costs of repair or <br />rehabilitation of the Unit for matters such as termite damage, appliance <br />replacement, and the like. <br />f. "Deed of Trust" means the Deed of Trust with power of sale securing the <br />Promissory Note, executed by the Owner, as Trustor, in favor of City, and <br />recorded as alien against the Unit. <br />g. "Eligible Purchaser" means a proposed purchaser of the Unit who meets the <br />requirements for an Eligible Transfer as set forth in Section 8 of this Resale <br />Agreement; provided, however, that Agency or City shall be considered as an <br />Eligible Purchaser without regard to the requirements of Section 8. <br />h. "First Mortgage" means the loan received by the Owner from a lender in <br />connection with the purchase of the Unit and secured by a deed of trust senior to <br />that of City's Deed of Trust on the Unit. <br />1. <br />J• <br />k. <br />1 <br />m. <br />"First -Time Homebuyer" means a homebuyer who has not held an ownership <br />interest in residential real estate at any time during the previous three years. <br />"Grant Deed" means that Deed which conveys the Unit from the City or a previous <br />owner to the Owner. <br />"Ineligible Purchaser" means a proposed purchaser of the Unit who does not meet <br />the requirements set forth in Section 8 of this Resale Agreement. <br />"Note" or "Promissory Note" means the promissory note executed by the Owner in <br />favor of City, secured by the Deed of Trust. <br />"Proposed Purchaser" means all individuals or entities comprising the purchaser to <br />whom the Owner or City intends to transfer the Unit. <br />3 <br />RESALERESaCT«N ACREEMEW <br />