RecDoc 95-055738 1255 Warren Ave.

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entity of its choosing and in this regard the Agency may act on City's behalf with respect to this Resale Agreement. City may re -assign its right to purchase to succeeding persons or entities of its choosing in the event that the initial assignees withdraws or is disqualified from the purchase, provided that the close of escrow is within the original ninety (90) days or such additional period as is agreed to by the Owner. If City or an assignee of City fails to complete the purchase for any reason, City may withdraw from the purchase without penalty or liability and the Owner may sell the Unit to an Eligible Purchaser as if City had failed to exercise its option. 8. ELIGIBILITY OF PURCHASER A Proposed Purchaser who meets the following requirements shall be an Eligible Purchaser: c0 Cn a. The Proposed Purchaser shall be a First -Time Homebuyer and meet the criteria set forth in the First Time Homebuyer Program Description, as approved by the City. .rJ b. The Proposed Purchaser shall certify that the Unit will be occupied as the purchaser's principal residence, as defined in Section 3 of this Resale Agreement. 00 C. The combined maximum income for all household members of the Proposed Purchaser shall not exceed eighty percent (80%) of the median yearly income adjusted for family size, for a family in San Mateo County as published by the California Department of Housing and Community Development ("HCD") from time to time. In the event that such income determinations are no longer published, or have not been updated for a period of at least eighteen months, the City may use or develop such other reasonable method as it may choose in order to determine the income for families in San Mateo County at eighty percent (80%) of the median yearly income, adjusted for family size. 9. DETERMINATION OF TRANSFER AMOUNT The sales price (the "Transfer Amount") for a Transfer of the Unit to an Eligible Purchaser or to City shall be the sum of the Deed -Restricted Resale Price and the Sales Price Adjustment, as defined below: a. THE DEED -RESTRICTED RESALE PRICE. Said term is defined and calculated, in the following manner: The Deed -Restricted Resale Price for any Transfer of the Unit to a Proposed Purchaser or to City or its assignee shall be the sum of the following amounts, as adjusted pursuant to Section 9.a.(ii) of this Resale Agreement: the principal amount of the First Mortgage when first issued to the Owner, the Appreciation Share, the Increased Down Payment, the principal amount of this Promissory Note and the Agency Note, when first issued to the Owner. Notwithstanding the foregoing, the Deed -Restricted Resale Price shall never exceed the fair market value of the Unit on the date of Transfer. 6 RESALE RES icnON PGW-&EM