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6.1.E. - Page 29 V11H�REAS, the purpose of this Res�fe Restr�ctPon Agreement is tv place adequate affordability controls oR tl�e Affardable Units, prov�de eligibility req�irements for subsequent purchasers, and reserve unto the City the first optivn to purchase tf�e Subject Affardable Unif, as that term is hereinafter de�ined. N�W THEREFQRE, Owr�er deciar�s that the Subj��t A�Fardable Unit described herein below is he€d and wili 6e h�ld, #ransferred, encumbered, used, sofd, cor�veyed, and acxupied subject to the co�enants, res#rictiar�s and fimrtations set forth in this Res�le Restniction Agreemen#. All of the restrict�ons, covenar�ts and [imita�inns of this Resale Restr��on Agreement wil� run wi#h the land and will be binding on all parties having or a�quiring any right, title or interest in the Subject Affordable Unit descrt'bed helow, or any par# thereof, �nd ta any improvemenfs related thereto, a�d wiit inure tfl the benefit of the City. �ach gra�ntee of a conveyan� ar purchaser under a cvntract or agreement af sale covering any right, title or interest ir� any part of #he Subjecf Affvrdable Un�t, by accepting a d�ed ar a contract of saie or agreemerrt of purchase, accepts the Subject Affordable Ur�it, subject to, and agrees to be baund by all of the restrictions, cavenants and limitations set fiorth in t�fs Resaie Restriction Agreement. 1 Cac�ital�zed Terms and aefini�ons. All capitai�zed terms �ot otherwise defir�ed herein shall hav� the same meanin� ascrRbed to them by the North Main Street Precise Plan, unless the c�ntext c[early in�icates a different meaning. For purpose� of this Resale Restrictian Agreement, the fallawing terms shall have #f�e meaning set forth below: City - shall mean the City of R�dwood City, a mur�icipat corporation of the �tate of Cal(fomta. Ciosing Gosts - shall mean tF,e actual a�cf reasonable costs ta Owr�er, inclucfing rea! estate cammissions or sales administrative fees, rea[ estate transfer taxes, title rnsurance, ar�d escrow taosts �n�urred by reasar�s of t�te Transfer o€ the Subfect Affordable Unit by Owner, but sha�i not incl�de the cos#s of repair or ref�abilitatia� of�F�e Subject Affordat��e Unit for matters such as termrte damage, appliance repfacemen#, and the li�Ce. Deed-Reskricted Resale Prlce—sf�all have the mearting set forth fn Section 11 below. Efigible First Lqan - shall me�n a fuf�y amor�ized fixed rate frst mortq�ge loan with a term of c�p to thirty (30j y�ars availab[� from an institu#ianal iender, ir�cluding withou# Iimitation, commercia! banks, sa�ings banks, credit unions ar similar Ie�ders, which loan does not ir�clude any of the foltowing: (i) a prepayment penalty, (ii) loan pairrts in excess of two (2) points total, and (iii) additional proc�ssir�g, appiication and ather loan-related fees (exclusiv� af customary San Mateo Caunty escro►nr and titfe charges). An Eligibfe Firs# Laar� shafl naf excaed eighty percent (80%� ot t#�e saies price for the Subject Affordable Unit: An Eligible First Loan sl�all not alfow adjustab�e rates or balloon payments.