Laserfiche WebLink
muiuniuiuuiuuiiiuimiiniuiuiuiunuu us:g::�:=a <br />d. "City" means the City of Redwood City, a municipal corporation of the <br />State of California. <br />e. "Closing Costs" shall mean the actual and reasonable costs to the Owner, <br />including real estate commissions or sales administrative fees, real estate transfer taxes, <br />title 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 <br />or rehabilitation of the Unit for matters such as termite damage, appliance replacement, <br />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 Agency or City, and <br />recorded as a lien against the Unit. <br />g. "Eligible Purchaser" means a proposed purchaser of the Unit who meets <br />the 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 Eligible <br />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 that of <br />City's Deed of Trust on the Unit. <br />i. "First -Time Homebuyer" means a homebuyer who has not held an <br />ownership interest in residential real estate at any time during the previous three years. <br />j. "Grant Deed" means that Deed which conveys the Unit from the Agency <br />or a previous owner to the Owner. <br />k. "Ineligible Purchaser" means a proposed purchaser of the Unit who does <br />not meet the requirements set forth in Section 8 of this Resale Agreement. <br />1. "Note" or 'Promissory Note" means the promissory note executed by the <br />Owner in favor of Agency or City, secured by the Deed of Trust. <br />M. 'Proposed Purchaser" means all individuals or entities comprising the <br />purchaser to whom the Owner or City intends to transfer the Unit. <br />n. 'Resale Agreement" means this Resale Restriction Agreement and Option <br />to Purchase executed by Agency or City and the Owner. <br />o. "Third Deed of Trust" means the deed of trust with power of sale securing <br />the Agency or City Note, executed by the Owner, as Trustee, in favor of the Agency or <br />City and recorded as a lien against the Unit. <br />41 <br />