AgdaPkt 2011-09-19 - Laserfiche WebLink

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6. 1. D. - Page 42 interest in the Subject Affordable 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 Subject Affordable Unit is transferred and 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. Transfer Amount - shall have the meaning set forth in Section 11 below. 2. Affordability Covenants Owner hereby agrees that the affordability covenants contained in this Resale Agreement shall remain in effect upon the Subject Affordable Unit for forty -five (45) years from the date this Resale Agreement (the "Term "). Owner covenants that the Subject Affordable Unit shall be sold to, owned, occupied and maintained affordable to persons and families of low- or moderate - income, earning not more than one hundred twenty percent (120 %) of HUD's Area Median Income for San Mateo County ( "AMI "), as adjusted from time to time ( "Qualified Buyers "). Qualified Buyers income shall be calculated on the basis of their "Gross Income ", as defined under Title 25, Section 6914, of the California Code of Regulations, as amended from time to time. 3. Description of Subject Affordable Unit This Resale Agreement is applicable to one of the following Unit Numbers: 204, 205, 2179, 305, 310 and 410, located at 885 Woodside Drive, Redwood City, California 94061, which is more fully described in the attached Exhibit "A" and which has a irchase rice f Unit p p o Dollars ($ ). Owner has purchased the Subject Affordable by obtaining an Eligible First Loan of Dollars ($ ). Owner's down payment for the Subject Affordable Unit is Thirty Thousand and Eight Hundred Dollars ($30,800). 4. Owner Certifications Owner certifies that: (a) the financial and other information previously provided to the City in order to qualify to purchase the Subject Affordable Unit is true and correct as of the date of execution of this Resale Agreement; and (b) Owner shall occupy the Subject Affordable Unit as Owner's Principal Residence, 5. Affordable Unit shall occu ied as the Principal o Sub'ect Residen Aff Qualif The Subject ied Buyer and for no other purpose. Owner shall not enter into agreements for the rental or lease of the Subject Affordable Unit or otherwise allow for the rental or lease of the same. Any lease or rental of the Subject Affordable Unit in violation of this Resale Agreement is prohibited. The maximum occupancy of the Subject Affordable Units shall not exceed the maximum occupancy allowed pursuant to the general requirements of the United States Department of Housing and Urban Development ( "HUD "), which as of the date of this Resale Agreement, is two (2) persons per bedroom, plus one (1) person. ATTYIAGR1210. MaResale ResVctlon Agr 4 09/27/10