RecDoc 2011-111464 - Laserfiche WebLink

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any of the following: (i) a prepayment penalty, (ii) loan points in excess of two (2) points total, and (iii) additional processing, application and other loan-related fees (exclusive of customary San Mateo County escrow and title charges) to the extent such fees equal an amount subject to the approval of the Agency, which approval may not be unreasonably withheld. An Eligible First Loan shall not exceed eighty percent (80%) of the sales price for the Subject Affordable Unit. 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 (CaIHFA, CDBG, HOME, Redevelopment, etc.). An Eligible Second Loan shall not exceed twenty percent (20%) of the sales price for the Affordable Unit. An Eligible Second Loan will typically be "silenP', meaning payments will be deferred for at least five (5) years. Gross Income - shall have the meaning set forth in Section 2 below. Ineligible Loan - shall mean any loan other than an Eligible First Loan or Eligible Second Loan. Principal Residence - shall mean an Affordable Unit occupied by a Qualified Buyer as his or her primary residence. Proposed Purchaser - means all individuals or entities comprising the purchaser to whom Owner or the City intends to [ransfer the Subject Affordable Unit. QualiTied 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 requiremen[s 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 [he 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 Road, Redwood Ciry, 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 involun[ary, and whether by deed, contract of sale, gift, devise, or otherwise, of any interest in the Subjec[ Affordable Unit, including but not limited to a fee simple interest, a joint tenancy interest, a life estate, a Ieasehold interesL or an in[erest evidenced by a land contract by which possession of the Subject Affordable Unit is transferred and Owner retains title, except transfers by deed, 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 1 I below. Exhibit B Page 3 .