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COMPLIMENTARY RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 <br />When Recorded Mail To: <br />The Redevelopment Agency of the City of Redwood City <br />PO Box 391 <br />Redwood City, CA 94064 <br />Attn: Silent Loan Program Coordinator <br />SHARED APPRECIATION LOAN AGREEMENT <br />REDWOOD CITY FIRST TIME HOMEBUYER PROGRAM <br />This Loan Agreement made this 10th day of April , 20 02 , by and between The Redevelopment Agency of <br />the City of Redwood City ("Lender/Agency") Marltza T ebi li an Pa la Ordonez ('Borrower") <br />/�11 nuel <br />RECITALS: <br />A. Lender/Agency has established a First Time Home Buyer Program ("Program" or "FTHB Program") for the <br />benefit of households who are either employed within the geographic region or currently reside within the geographic region <br />of Redwood City <br />B. Borrower will receive a loan from Lender/Agency under the Program. <br />C. The parties wish to enter into this Loan Agreement to define the rights and obligations of the Borrower with <br />respect to the Loan, <br />NOW, THEREFORE, the parties agree as follows: <br />Definitions. <br />Unless otherwise defined in this Agreement, all capitalized words, terms and phrases used in this Agreement shall have <br />the following meanings <br />a. "Appraiser " shall mean a real estate appraiser who is certified and licensed in California. <br />b. "Eligible Borrower" shall mean households as described in the Program Synopsis who meet <br />eligibility criteria described in the Program Guidelines, as hereinafter defined, who are either employed within the geographic <br />region and/or currently reside within the geographic region of the City of Redwood City. <br />C. "Borrower" shall mean a borrower or co -borrower or co-borrower(s) who execute this Agreement <br />and all relevant loan program documents related hereto, <br />d. "First Time Homebuyer" shall mean a Borrower who has not owned a residential property in for <br />the past three years. Exception to this rule will be applied for a Borrower who has had partial or non -controlling interest in a <br />residence. In such cases, an interest yield which is established and published by the United States Housing and Urban <br />Redwood City First Time Homebuyer Silent Loan Program - Shared appreciation agreement April 23, 2001 <br />Page I <br />IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 'Page ae= of 20 <br />�a�"6F <br />