612 Jefferson - Grant of Option to Repurchase and Resale Restriction Agreement Unit 603

Browse Search

RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: s� Habitat for Humanity Greater San Francisco, Inc. � 300 Montgomery Street, Suite 450 San Francisco, CA 94104 ` SPACE ABOVE THIS LINE FOR RECORDER'S USE GRANT OF OPTION TO REPURCHASE AND RESALE RESTRICTION AGREEMENT FOR UNITS WITH HOME FUNDS This Grant of Option to Repurchase end Resale Restriction Agreement for Units with HOME Funds (the "Agreement') is entered into this ; day of t.tSrF Z2 ("Effective Date'l by and among Habitat for Humanity Greater San Francisco, Inc., a California nonprofit public benefit corporation ("Habitat"), Priscilla Freeman, a single woman, as sole ownership ("Owner's, and the City of Redwood City, a charter city and municipal corporation ("City's. RECITALS A. Habitat's primary and substantial purpose is to provide home ownership opportunities to individuals and families with low incomes by offering homes for sale at prices which are substantially below those otherwise prevailing in the market and by providing 100 percent, no interest financing of the purchase price. B. Habitat's intent is to preserve the affordability of such homes for low income households by, among other things, restricting the price at which the homes may be resold and restricting the occupancy of such homes to eligible households. C. The homes provided by Habitat for eligible low income households constitute a valuable community resource; and it is necessary, proper and in the public interest for Habitat to protect and preserve this resource by administering occupancy and resale controls by means of this Agreement. D. Owner intends to purchase a home (the "Home") from Habitat, located at 612 Jefferson Avenue, Unit No. 603, in Redwood City, San Mateo County, California (the "Property"), to be owned and occupied by Owner as their principal residence. The legal description of the Home is attached to this Agreement as Exhibit A and incorporated herein by this reference. E. Owner has agreed to pay Seven Hundred Seventy Thousand Dollars ($770,000) (the "Purchase Price'l to Habitat for the purchase of the Home. F. Owner is receiving a first mortgage loan from Habitat (the "Habitat Loan") in the amount of Four Hundred Thirty Thousand Two Hundred Twenty Two Dollars ($430,222) towards the Purchase Price on the terms set forth in a promissory note executed by Owner in favor of Habitat (the "Habitat Note") and secured by a deed of trust on the Home executed by Owner in favor of Habitat (the "Habitat Deed of Trust'). G. To develop the Property, including the Home, Habitat borrowed Eight Hundred Ninety -Eight Thousand Five Hundred and Three Dollars ($898,503) from the City, which loan was made using funds using HOME Investment Partnership (HOME) funds ("HOME Funds") from the U.S. Department of Housing and Urban Development (HUD) pursuant to Title II of the National Affordable Housing Act of 1990. Owner has executed a promissory note in the amount One Hundred Thirty Thousand Dollars ($130,000) in favor of the City to evidence its share of the HOME REV: 08-10-22 SK ATTY/AGR.2022.247/Habitat 612 Jefferson 603 (03HOME - Resale Restriction Agreement 603) (Page 1 of 17)