RecDoc95-076956 Resale Restriction Agreement 1253 Warren Avenue

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(i) APPRECIATION SHARE: The Appreciation Share of the Unit means the product of the original principal amount of the First Mortgage multiplied by the percentage increase in household income in San Mateo County for a family of four at eighty percent (80%) of the median household income. The increase shall be computed from the date on which the Owner originally purchased the Unit to the date on which City or its assignee received the Notice of Intended Transfer required by Section 6 above (the "Ending Date"). Median household yearly income shall be determined according to HCD publications published immediately prior to the Beginning Date and Ending Date, respectively, or if necessary, in the manner specified in Section 8 of this Resale Agreement. (ii) INCREASED DOWN PAYMENT: The Increased Down Payment amount shall be equal to Owner's down payment, paid upon purchase of the Unit, increased by the percentage of increase in household income for a family of four at eighty percent (80%) of the median household income. The increase shall be computed from the date on which the Owner originally c� purchased the Unit to the date on which City or its assignee received the cn Notice of Intended Transfer, as required by Section 6 above. Median o household yearly income shall be determined according to HCD __J publications published immediately prior to the Beginning Date and Ending rn Date, respectively, or if necessary, in the manner specified in Section 8 of co this Agreement. c1! b. SALES PRICE ADJUSTMENT: The Deed -Restricted Resale Price shall be increased by the value of any substantial structural or permanent fixed improvements which cannot be removed without substantial damage to the Unit or substantial or total loss of value of said improvements. No such adjustment shall be made except for improvements: (i) made or installed by the Owner; approved in advance by City or its designee; and (iii) whose initial costs were Five Hundred Dollars ($500.00) or more. The value of such improvements by which the Deed -Restricted Resale Price shall be adjusted shall be the appraised market value of the improvements when considered as additions or fixtures to the Unit as determined by an appraisal (e.g., the amount by which said improvements enhance the market value of the Unit at the time of sale). The adjustment to the Deed -Restricted Resale Price for such improvements shall be limited to the increase in the value of the Unit, and shall not be based upon the cost of the improvements. The cost of the appraisal shall be paid by Owner. 7 RESALE RESTRICTION AGREEMENT