RecDoc95-076956 Resale Restriction Agreement 1253 Warren Avenue

Browse Search

n. "Resale Agreement" means this Resale Restriction Agreement and Option to Purchase executed by City and the Owner. o. "Third Deed of Trust" means the deed of trust with power of sale securing the Agency Note, executed by the Owner, as Trustee, in favor of the Agency and recorded as a lien against the Unit. P. "Transfer" means any sale, assignment or transfer, whether voluntary or involuntary, and whether by deed, contract of sale, gift, devise, or otherwise, of any interest in the Unit, including but not limited to a fee simple interest, a joint tenancy interest, a life estate, a leasehold interest, or an interest evidenced by a land contract by which possession of the Unit is transferred and the Owner retains title, except transfers by gift, devise or inheritance to an existing spouse, surviving joint tenant, or a spouse as part of a dissolution proceeding or in connection with marriage. q. "Unit" means the property which is the subject of this Resale Agreement and which is to be purchased in connection with the City's program to assist low and moderate income First -Time Homebuyers, including all improvements now or later created on the Property, and all easements to, rights, appurtenances and fixtures now or in the future to be attached to the property, located at , Redwood City, California, and described in the attached Exhibit "A". 2. DESCRIPTION OF UNIT This Resale Agreement concerns Unit Number 208, located at 1253 WARREN AVENUE, Redwood CA City, California 94063, which is more fully described in the attached Exhibit A and which has a o purchase price of ONE HUNDRED TWENTY THOUSAND FOUR HUNDRED SEVENTY Two AND __1 NO/looTHS - Dollars ($ 120,472. 00 ). The Owner has purchased the Unit by obtaining a First or) Mortgage of ONE HUNDRED EIGHT THOUSAND FOUR HUNDRED AND NO/looTHS - Dollars C0 ($los , 400. oo). The Owner's down payment for the Unit is THREE THOUSAND SIX HUNDRED 01 FOURTEEN AND 16/100TES - Dollars ($3,614.16). rn 3. OWNER CERTIFICATIONS The Owner certifies that: (a) the financial and other information previously provided to City in order to qualify to purchase the Unit is true and correct as of the date of execution of this Resale Agreement, (b) the Owner is a First -Time Homebuyer, and (c) the Owner shall occupy the Unit as the Owner's principal place of residence. The Owner shall be considered to occupy the Unit if the Owner lives in the Unit for no less than ten (10) months out of each calendar year. City in its sole discretion, may grant a temporary waiver of this occupancy requirement for good cause. 4. LEASING OF PROPERTY 4 RESALE RESTRICTION AGREEMENT