RecDoc1999-207282 1205 Warren Ave.

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iNiiNmiumiiuunuuuumiiNunuiuinii �9:-�P,=,= without penalty or liability and the Owner may sell the Unit to an Eligible Purchaser as if Agency had failed to exercise its option. 8. ELIGIBILITY OF PURCHASER A Proposed Purchaser who meets the following requirements shall be an Eligible Purchaser: 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 Agency. 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. C. The combined maximum income for all household members of the Proposed Purchaser shall not exceed one hundred percent (100%) 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 Agency or 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 one hundred percent (100%) 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 Agency 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 Agency 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. (i) APPRECIATION SHARE: The Appreciation Share of the Unit means the product of the original principal amount of the First Mortgage multiplied by the percentage increase in household income in San Mateo County for a family of four at one hundred percent (100%) of the median household income. The increase shall be computed from the date on which the Owner originally purchased the Unit to the date on 10