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iiiiiiu of ii i �asm,e2eP <br />to a First -Time Homebuyer. The Loan will be evidenced by a Promissory Note secured <br />by a Deed of Trust dated the same date as this Resale Agreement; and <br />WHEREAS, the Agency has determined that the cost of housing affordable to a <br />low or moderate income First -Time Homebuyer shall not exceed 30% of household <br />income for mortgage, taxes and insurance. <br />WHEREAS, the Agency has determined that it is desirable to ensure that the <br />Units will continue to be affordable to First -Time Homebuyers whose incomes do not <br />exceed one hundred percent (100%) of the median income in San Mateo County each <br />time the Unit is sold; and <br />WHEREAS, in order to maintain the affordability and availability of the Units to <br />low and moderate income First-time Homebuyers, the Agency wishes to establish resale <br />controls; and <br />WHEREAS, the Agency's First -Time Homebuyers Program and its financial <br />interest in such program will be protected through the establishment of resale controls, <br />and by requiring the Owner to execute a Promissory Note and Deed of Trust in its favor <br />in addition to this Resale Agreement; and <br />WHEREAS, the purpose of this Resale Agreement is to place adequate controls <br />on the Units, provide eligibility requirements for subsequent purchasers, and reserve to <br />Agency an option to purchase the Unit. <br />NOW THEREFORE, in consideration of the benefits received by the Owner and <br />Agency, Owner and Agency agree as follows: <br />1. DEFINITIONS: <br />a. "Affordable Housing Loan" means the loan provided by Agency to the <br />Owner pursuant to the terms of the Promissory Note, the Deed of Trust, this Resale <br />Agreement, and the Grant Deed. <br />b. "Agency" means the Redevelopment Agency of the City of Redwood <br />City, California, an agency operating through its governing body and its various <br />departments. <br />C. "Agency Note" means the promissory note executed by the Owner in <br />favor of Agency, secured by the Second Deed of Trust. The Agency Note shall be for an <br />amount representing the difference between the Unit sales price by the Seller to the <br />Eligible Purchaser and the sum of (1) the First Mortgage; (2) the Promissory Note; and <br />(3) the Eligible Purchaser's down payment. <br />2 <br />