RecDoc 2011-111464 - Laserfiche WebLink

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2. Affordabilitv Covenants. Owner hereby agrees [hat the affordability covenants contained in this Resale Agreement shall remain in effect upon Ihe 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 moderate-income, earning not more than one hundred twenty percent (120%) of HUD's Area Median Income for San Mateo Counry ("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 Tide 25, Section 6914, of the California Code of Regulations, as amended from time to time. 3. Descriotion of Subject Affordable Unit. This Resale Agreement is applicable to Unit Number , located at 885 Woodside Road, Redwood City, California 94061, which is more fully described in the attached Exhibit "A" and which has a purchase price of Dollars ($_�• Owner has purchased the Subject Affordable Unit by obtaining an Eligible First Loan of Dollars ($�. Owner's down payment for the Subject Affordable Unit is �$ �• 4. Owner Certifications. Owner certifies Ihat: (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. Occupancv Standards� Leasina of Subiect Affordable Unit. The Subject Ati'ordable Unit shall be occupied as the Principal Residence of Qualified 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 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 ( I) person. In the event Owner fails to comply with this Section 5 or with Section 4 regarding leasing the Subject Affordable Unit, the City may, at its sole option, declare a default under this Resale Agreement. In addition, Owner shall be liable to the City for the difference between the rent being charged for the Subject Affordable Unit and the allowable rent had the Subject Affordable Unit been rented to a person of very low income whose income did no[ exceed Fifty percent (50%) of the median income in San Mateo County for a family of two (2). 6. Refinance Restriction� Prohibition on Home EauiN Lines of Credit; Home Equity Loan Restrictions (a) Refinance Restriction: Owner may not, during the term of this Resale Agreement, refinance the loan(s) used to purchase the Subject Affordable Units (the "Purchase Loan"), without the express wrinen approval of the City, which shall not be unreasonably withheld [the "Refinance Restriction(s)"]. The City's decision to approve or disapprove such refinancing shall be based upon such factors as whether; (i) the replacement loan (the "New Exhibit B Page 4