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6.1.D. - Page 10
<br />percent (15 %) of the total number of residential units proposed shall be affordable to moderate -
<br />income households based on the County of San Mateo median income; and
<br />WHEREAS, in accordance with the Precise Plan, a minimum of fifteen percent (15 %) of
<br />the condominium units, each containing one (1) bedroom and one (1) bathroom, have been
<br />reserved for purchase and occupation at affordable housing cost to families of moderate income,
<br />as those terms are defined under Health and Safety Code sections 50052.5 and 50093,
<br />respectively (each, an "Affordable Unit" and collectively, the "Affordable Units ") for a period of
<br />forty -five (45) years; and
<br />WHEREAS, Owner is a Qualified Buyer, as that term is hereinafter defined, and thereby
<br />eligible to occupy an Affordable Unit; and
<br />WHEREAS, the purpose of this Resale Agreement is to place adequate controls on the
<br />Affordable Units, provide eligibility requirements for subsequent purchasers, and reserve unto
<br />the City a First Right of Refusal to purchase the Subject Affordable Unit, as that term is
<br />hereinafter defined.
<br />NOW THEREFORE, Owner declares that the Subject Affordable Unit described herein
<br />below is held and will be held, transferred, encumbered, used, sold, conveyed, leased and
<br />occupied subject to the covenants, restrictions and limitations set forth in this Resale Agreement,
<br />all of which are in accordance with the requirements of the Precise Plan. All of the restrictions,
<br />covenants and limitations will run with the land and will be binding on all parties having or
<br />acquiring any right, title or interest in the Subject Affordable Unit described below, or any part
<br />thereof, and to any improvements related thereto, and will inure to the benefit of the City. Each
<br />grantee of a conveyance or purchaser under a contract or agreement of sale covering any right,
<br />title or interest in any part of the Subject Affordable Unit, by accepting a deed or a contract of
<br />sale or agreement of purchase, accepts the Subject Affordable Unit, subject to, and agrees to be
<br />bound by all of the restrictions, covenants and limitations set forth in this Resale Agreement,
<br />1 Capitalized Terms and Definitions. All capitalized terms not otherwise defined
<br />herein shall have the same meaning ascribed to them by the Precise Plan, unless the context
<br />clearly indicates a different meaning. For purposes of this Resale Agreement, the following
<br />terms shall have the meaning set forth below:
<br />City - shall mean the City of Redwood City, a municipal corporation of the State of California.
<br />Closing Costs - shall mean the actual and reasonable costs to Owner, including real estate
<br />commissions or sales administrative fees, real estate transfer taxes, title insurance, and escrow costs
<br />incurred by reasons of the Transfer of the Subject Affordable Unit by Owner, but shall not include
<br />the costs of repair or rehabilitation of the Subject Affordable Unit for matters such as termite
<br />damage, appliance replacement, and the like.
<br />Eligible First Loan - shall mean a fully amortized fixed rate first mortgage loan with a term of
<br />up to thirty (30) years available from an institutional lender, including without limitation,
<br />commercial banks, savings banks, credit unions or similar lenders, which loan does not include
<br />Exhibit B
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