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IIIIiiii 9:a=.-�m�,s, <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 any <br />interest in the Unit, including but not limited to a fee simple interest, a joint tenancy <br />interest, a life estate, a leasehold interest, or an interest evidenced by a land contract by <br />which possession of the Unit is transferred and the Owner retains title, except transfers by <br />gift, devise or inheritance to an existing spouse, surviving joint tenant, or a spouse as part <br />of a dissolution proceeding or in connection with marriage. <br />q. "Unit" means the property which is the subject of this Resale Agreement <br />and which is to be purchased in connection with the Agency'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 now or in <br />the future to be attached to the property, located at 1205 Warren Avenue, Unit #103, <br />Redwood City, California, and described in the attached Exhibit "A". <br />2. DESCRIPTION OF UNIT <br />This Resale Agreement concerns and shall be an encumbrance against Unit <br />Number 103 located at 1205 Warren Avenue, Redwood City, California 94063, which is <br />more fully described in the attached Exhibit A and which has a purchase price of Two <br />Hundred Twenty Nine Thousand, Five Hundred and Fifty Eight and no/100 Dollars <br />($229,558.00) The Owner has purchased the Unit by obtaining a First Mortgage of One <br />Hundred Eight Three Thousand, Six Hundred and no/100 Dollars ($183,600.00). The <br />Owner's down payment for the Unit is Thirty Five Thousand, Nine Hundred Fifty Eight <br />and no/100 Dollars ($35,958.00). <br />3. OWNER CERTIFICATIONS <br />The Owner certifies that: (a) the financial and other information previously <br />provided to Agency in order to qualify to purchase the Unit is true and correct as of the <br />date of execution of this Resale Agreement, (b) the Owner is a First -Time Homebuyer, <br />and (c) the Owner shall occupy the Unit as the Owner's principal place of residence. The <br />Owner shall be considered to occupy the Unit if the Owner lives in the Unit for no less <br />than ten (10) months out of each calendar year. Agency in its sole discretion, may grant a <br />temporary waiver of this occupancy requirement for good cause. <br />4. LEASING OF PROPERTY <br />The Owner shall not lease the Unit. Any lease in violation of this Resale <br />Agreement is prohibited. In the event the Owner fails to comply with this Section 4 or <br />with Section 3 regarding leasing the Unit, Agency may, at its sole option, declare a <br />default under this Agreement. In addition, Owner shall be liable to Agency for the <br />difference between the rent being charged for the Unit and the allowable rent had the <br />Unit been rented to a person of very low income whose income did not exceed 50% of <br />the median income in San Mateo County for a family of one. <br />!9 <br />