AgdaPkt 2011-09-19 - Laserfiche WebLink

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6. 1. D. - Page 41 Eligible First Loan shall not exceed ninety percent (90 %) of the sales price for the Subject Affordable Unit, or Two Hundred Seventy -Seven Thousand, Nine Hundred Twenty Dollars ($277,920.00). An Eligible First Loan shall not allow adjustable rates or balloon payments. Eligible Second Loan - shall mean a second mortgage loan available from a public source such as a First Time Homebuyer Program, generally comprised of Federal or State funds (CalHFA, CDBG, HOME, Redevelopment, etc). An Eligible Second Loan shall not exceed five percent (5 %) of the sales price for the Affordable Unit. An Eligible Second Loan will typically be "silent ", meaning payments will be deferred for at least five (5) years. Equity Loss - shall have the meaning set forth in Section 13 below. Gross Income - shall have the meaning set forth in Section 2 below. Horne Equity Loam - shall have the meaning set forth in Section 6(c) below. Ineligible Loan - shall mean any loan other than an Eligible First Loan or Eligible Second Loan. Line(s) of Credit - shall have the meaning set forth in Section 6(b) below. Principal Residence - shall mean an Affordable Unit occupied by a Qualified Buyer as his or her primary residence. A primary residence is one that is not leased or rented to others for more than thirty (30) days in any calendar year. Proposed Purchaser - means all individuals or entities comprising the purchaser to whom Owner or the City intends to transfer the Subject Affordable Unit. Qualified Buyers - shall have the meaning set forth in Section 2 below and shall mean a Proposed Purchaser of the Subject Affordable Unit who meets the requirements for an eligible Transfer as set forth in Section 10 of this Resale Agreement; provided, however, that the City shall be considered a Qualified Buyer without regard to the requirements of Section 10. Subject Affordable Unit - shall mean the property which is the subject of this Resale Agreement, 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 Subject Affordable Unit, located at 885 Woodside Drive, Redwood City, California, and described in the attached Exhibit "A ". Term - shall have the meaning set forth in Section 2 below, Transfer - shall mean any sale, assignment or transfer, whether voluntary or involuntary, and whether by deed, contract of sale, gift, devise, or otherwise, of any ATTYIAGR12010. 079a Resale Restriction Agr 09/27/10 3