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within the Property must be sold by the Developer pursuant to the Program. The Agency will <br />Provide funds to certain eligible buyers ("Owner") to allow the purchase of the Units at a price <br />affordable to low and moderate income First -Time Homebuyers whose incomes do not exceed <br />ONE svrmxEn percent (loo. oo%) of the median income for the County of San Mateo. The funds <br />will be in the form of a loan (the "Loan") to the Owner that will bridge the gap between the <br />purchase price of the Units and the price that would be affordable under the HOME Program to a <br />First -Time Homebuyer. The Loan will be evidenced by a Promissory Note secured by a Deed of <br />Trust dated the same date as this Resale Agreement; and <br />WHEREAS, the City has determined that the cost of housing affordable to a low or <br />moderate income First -Time Homebuyer shall not exceed 30% of household income for <br />mortgage, taxes and insurance. <br />WHEREAS, the City has determined that it is desirable to ensure that the Units will <br />continue to be affordable to First -Time Homebuyers whose incomes do not exceed eighty percent <br />(80%) of the median income in San Mateo County each time the Unit is sold; and <br />WHEREAS, in order to maintain the affordability and availability of the Units to low and <br />moderate income First -Time Homebuyers, the City wishes to establish resale controls; and <br />WHEREAS, the City's First -Time Homebuyers Program and its financial interest in such <br />program will be protected through the establishment of resale controls, and by requiring the <br />Owner to execute a Promissory Note and Deed of Trust in its favor in addition to this Resale <br />Agreement; and <br />WHEREAS, the purpose of this Resale Agreement is to place adequate controls on the <br />Units, provide eligibility requirements for subsequent purchasers, and reserve to City an option to <br />purchase the Unit. <br />NOW THEREFORE, in consideration of the benefits received by the Owner and City, <br />Owner and City agree as follows: <br />1. DEFINITIONS: <br />a. "Affordable Housing Loan" means the loan provided by City to the Owner <br />pursuant to the terms of the Promissory Note, the Deed of Trust, this Resale <br />Agreement, and the Grant Deed. <br />b. "Agency" means the Redevelopment Agency of the City of Redwood City, <br />California, an agency operating through its governing body and its various <br />departments. <br />C. "Agency Note" means the promissory note executed by the Owner in favor of <br />Agency, secured by the Third Deed of Trust. The Agency Note shall be for an <br />2 <br />RESALE RESTRICTION AGREEMENT <br />