Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

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occupy the Property as his or her principal residence. The owner shall be presumed to be occupying the Property as his or her principal residence if the owner is living in the Property for at least teri (1 O) months out of' each calendar year. Habitat may waive this occupancy requirement for good cause at its sole discretion. The owner shall not rent or lease the Property for more than two months during any twelve-month period and shall not lease or rent the Property without providing Habitat with a copy of the lease or rental agreement. Any lease or rental in violation of the provisions of the Eligible Household Purchase Addendum shall be prohibited and void. Except as so provided in the Eligible Household Purchase Addendum, all leasing or rental 0fthe Property shall be a Transfer as defined in the Eligible Household Purchase Addendum, and subject to the provisions of the Eligible Household Purchase Addendum. e. Eligible l~ousehold. As used in the Eligible Household Purchase Addendum, the term "Eligible Household~ shall mean a Household which: · resided within the incorporated area of the City of Redwood City at the time of application, · has a household income not to exceed 50% of the area median income for San Mateo County established by the U.S. Department of Housing and Urban Development, and · meets large family definition of large family household of five or more persons Habitat additionally must determine a household is Eligible to participate in the ownership of the Property both (i) economically [a household whose income does not exceed the qualifying limits for very low income households as established pursuant to Section 8 of the United States Housing Act of 1937 as amended fi.om time to time], and (ii) non-economically [which shall include, but not be limited to, the owner stating its warranted intent to personally and continuously occupy the Property as its sole residence for the foreseeable future, and that household size relative to the size of the Property complies with standards adopted by Habitat and consistent with Consolidated Plan goals of the City of Redwood City]. Habitat shall have the fight to determine, in its sole discretion, whether any person or household is an Eligible Household a_~er application of basic eligibility requirements set forth by the City of Redwood City. d. Eligible Transfer/All Other Transfers Void. During the term of the Eligible Household Purchase Addendum every ~Transfer' (as defined below) of a Property shall be subject to the provisions and conditions set forth in the Eligible Household Purchase Addendum. Any Transfer without satisfaction of the provisions and conditions of the Eligible Household Purchase Addendum shall be prohibited and void. Transfer shall mean and refer to any sale, conveyance, assignment, transfer, voluntary or involuntary, of any interest in the Property, including, but not limited to, a fee simple interest, a joint tenancy interest, a life estate, a leasehold interest, any lease or rental for any period of time (except as expressly otherwise permitted), execution of a real estate installment contract by which possession of the Property is transferred and owner retains title, or grant of any real property interest in a Property, including allowing the recordation of a deed of trust or