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6.1.E. - Page 30 EiigiM�le Second Loan � shal! mean a secor�d mortgage Ic�ar� available from a p�b�ic 5ource such as a First Tirne Nomebc�yer Program, generally compris�d of Federal, State vr focal funds (CaIHFA, Redevelopment, etc.). Ar� Etigible Second La�n shaN not exceed twenty percent (2a%) of the sales prtce for the Affardabfe Unit. An Eligible Se�ond Loan will typi�ally be "siient", meaning payments wiil be deferr�d for at�east fve �5) years. Gross Income -shall have the meaning set farth in Section 2 below. lnelfgible Loan - shall mean any loan other than an �ligible First Loar� or Efigi6le Seconc� Lnan. Principaf Residence - shall mean ar� Affordab�e Ur�it oc�t,pPed by a Quafifed Buyer as his or her prirn�ry residen�, that is not leased or rented to others for any peciod of time. Proposed Purchase� - means a�l indi�iduals or ent�ties compr�sing the purchaser to wham Owner or the City inte�ds to fransfer the Subject Ai�ordab[e Unit. QuaFifred Buyers - shal� have the mear��g set forth in Section 10 below and shall mear� a Propos�d Purchaser of the Subject A#fordable Unit who meet�the requirements for an eligible Transfer as set forth in Sectian 1 D of thfs Resale Restrictinn Agreement; prov#ded, however, #hat the Citjr sF�all be cansidered a Qualified Be�y�r witho�t regard to the requirements of Section 1Q. Subject ATfordahle Ur��t - shall mean the property identified in See#ion 3 which is the subject of this Resale Restriction Agreement, indudir�g �11 improvements now or later created on the Property, and al� easemen�s tn, rights, appurtenances and fxtures now or in the t'uture to be a#tached to the Subject Affordable Unit, located at 333 Main Stree#, Redwa�d City, C�fitomia, and descriaed in the attached Exhibit"`A°. Term -shall haue the msar�ing set farth in Section 2 below. Transfer - sha�l mean any sale, assignment ar transfer, whether vc�iuntary or invol�rntary, and whether 6y deed, ccmtract of sa�e, gift, devise, or �therwise, at any interest in the Subject Affordable Unit, including but r�c�t lirnit�d to a�fee simple interest, a joint tenancy interest, a life estate, or an interest evidenceci by a land cflnfract by Which passession of #�re 5ubject Affordable Unit is transferred and Owner retafns titi�, excep# fransfers by gift, devise or inheritar�ce ta an �xisting s�ouse, surviaing joini tenant, or a spause as par�of a dissolution praceeding or[n connectian w€th marriage, 2. AfFardabi�ity Goven�nt�. Owner hereby agrees that the affardabi�ity covenants containsr! in this Resale Rest�iction Agreemerrt shall remain in effect upvn #he S�bject Afforsiable Unit for forty-five (4a) y�ars from the date tf�is Resale Restri�t�on Agreement (the "Term"). Owner cavenants that the Subject Affordable Ur�it shall be sold ta, owneds occupied and maintained affordable to Q�alified Buyers as ot the dat� o�the sale to such purcttaser.