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n. "Resale Agreement" means this Resale Restriction Agreement and Option to <br />Purchase executed by City and the Owner. <br />o. "Third Deed of Trust" means the deed of trust with power of sale securing the <br />Agency Note, executed by the Owner, as Trustee, in favor of the Agency and <br />recorded as a lien against the Unit. <br />P. "Transfer" means any sale, assignment or transfer, whether voluntary or <br />involuntary, and whether by deed, contract of sale, gift, devise, or otherwise, of <br />any interest in the Unit, including but not limited to a fee simple interest, a joint <br />tenancy interest, a life estate, a leasehold interest, or an interest evidenced by a <br />land contract by which possession of the Unit is transferred and the Owner retains <br />title, except transfers by gift, devise or inheritance to an existing spouse, surviving <br />joint tenant, or a spouse as part of a dissolution proceeding or in connection with <br />marriage. <br />q. "Unit" means the property which is the subject of this Resale Agreement and which <br />is to be purchased in connection with the City's program to assist low and <br />moderate income First -Time Homebuyers, including all improvements now or later <br />created on the Property, and all easements to, rights, appurtenances and fixtures <br />now or in the future to be attached to the property, located at 1255 WARREN <br />AvENuE, Redwood City, California, and described in the attached Exhibit "A". <br />2. DESCRIPTION OF UNIT <br />This Resale Agreement concerns Unit Number 207, located at 1255 WARREN AVENUE,Redwood <br />City, California 94063, which is more fully described in the attached Exhibit A and which has a <br />purchase price of ONE HUNDRED TWENTY THOUSAND FOUR HUNDRED SEVENTY TWO AND <br />NO/100THs Dollars ($120 , 472 . oo). The Owner has purchased the Unit by obtaining a First <br />Mortgage Of SEVENTY TWO THOUSAND FIVE HUNDRED AND NO/100THS Dollars ($72,500.00). <br />The Owner's down payment for the Unit is SIX THOUSAND TWENTY THREE AND 60/100THS <br />Dollars ($6,023.60). <br />3. OWNER CERTIFICATIONS <br />The Owner certifies that: (a) the financial and other information previously provided to <br />City in order to qualify to purchase the Unit is true and correct as of the date of execution of this <br />Resale Agreement, (b) the Owner is a First -Time Homebuyer, and (c) the Owner shall occupy the <br />Unit as the Owner's principal place of residence. The Owner shall be considered to occupy the <br />Unit if the Owner lives in the Unit for no less than ten (10) months out of each calendar year. <br />City in its sole discretion, may grant a temporary waiver of this occupancy requirement for good <br />cause. <br />4. LEASING OF PROPERTY <br />4 <br />RESALE RESTRICTION AGREEMENT <br />CD <br />cr <br />O <br />C?7 <br />CJS <br />w <br />00 <br />