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

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"Habitat Deed of Trust" is defined in Recital F. "Habitat Loan" is defined in Recital F. "Habitat Note" is defined in Recital F. "Home" is defined in Recital D. "HOME Homebuyer Deed of Trust" is defined in Recital G. "HOME Funds" is defined in Recital G. "HOME Homebuyer Note" is defined in Recital G. "HOME Regulatory Agreement" means that certain HOME Program Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants dated as of July 28, 2021, executed by and between Habitat and City, and recorded in the Official Records of San Mateo County on September 21, 2021 as instrument no. 2021-134901. "Homebuyer Deed of Trust" means the Performance Deed of Trust to be executed by Owner for the benefit of City substantially in the form attached as an Exhibit to the Regulatory Agreement and recorded against the Home. "Low Income Household" means a household which has an Adjusted Household Income not to exceed eighty percent (80%) of Area Median Income adjusted for actual household size. "Power of Termination" is defined in Recital H. "Option" is defined in Section 6.1. "Original Affordable Sales Price" means Seven Hundred Seventy Thousand Dollars ($770,000). "Original Purchase Price" means the Purchase Price as defined in Recital E. "Purchase Price" is defined in Recital E. "Qualifying Improvements" is defined in Section 6.5.1. "Regulatory Agreement" means that certain Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants dated as of February 8, 2021, executed by and between Habitat and City, and recorded in the Official Records of San Mateo County on May 27, 2021 as instrument no. 2021-083294. "Successor -in -interest" means a person or household, other than Owner, which may acquire the Home at any time during the Term by purchase, assignment, transfer or otherwise pursuant to the terms of this Agreement. Upon acquisition of the Home, the Successor -In -Interest shall be bound by each of the covenants, conditions and restrictions of this Agreement as Owner. "Term" means the period beginning on the Effective Date and ending on the date, which is the later of the fifty-fifth (551h) anniversary of the Effective Date and the fifty-fifth anniversary of the date this Agreement is recorded in the Official Records of San Mateo County. "Transfer" is defined in Section 5.1. "Transfer Notice" is defined in Section 5.3. REV: 08-10-22 SK ATTY/AGR.2022.247/Habitat 612 Jefferson 603 (03_HOME - Resale Restriction Agreement 603) (Page 4 of 17)