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6.1.E. - Page 31 <br /> 3. Descriation of Subject Afford� le Unit. This Resa�e Restri�tiorr Agreement <br /> is applicable to Unit Number , loca#ed at 333 Main Street, Reclwaad City, <br /> Califomia 940 , which is more #ully described ir� the attac�ed Exhibit "A" �nd w�►ich <br /> has a purchase price of Dollars ($�), Owner has <br /> purchased the Subject Affordabte Unif by obtaining ar� Eligible F��st Loan of <br /> Dollars ($ � and an Eligible Second <br /> Loan �f Dollars {$ _ _). C)wner's dovm <br /> paymenf for tf�e Subject Affordable Unit is Doflars ($�), <br /> 4. wr�er Certifications_ Owner cert�fies that: (a) the fr�ancia� anc� other <br /> information previousiy provided fo the City in order to qualify to purchase the Subject <br /> Affordable Unit is true and correct as of the date of execution af this Resale Restr�ction <br /> Agreement; and (b) Owner shal! occupy the Subject Afford�ble Uni# as Owner's <br /> Principal Residence. <br /> �. �ccu�at�cy Standards; Leasing of Subiect Afforda6le Unit. The Subject <br /> Afforda�le Unit st�all be occupied as tl�e Principal Residence ofi Qualified B�yer and for <br /> no other purpose. Qwner shall not enter into agreements for the rental or lease of #he <br /> Subject Affordabl� Unit ar otherwise aflow for the rer�#al or lease of the saime. Any fease <br /> ar tental of the Subject Affordable Unit �r� violation ot this Resafe Restrict�on A�reement <br /> is prohibited. The max[mum occu�ancy of the Subject Affardable Uni�s shall not exceec� <br /> the maximum occupan�y aflowed pursuant to the general requirements of the lJr�ited <br /> States Department of Hausing and Urban Development {pHUD"}, which as of the date of <br /> ti�is Resaie Restriction Agreement, is rivo (2}pe�sons p�r bedroom, pl�s ane {1} person, <br /> In the �vant Owner fails to comply with this 5ection 5 or with S�ction 4 regarding <br /> teasing the Subject Affordabfe Unit, tf�e City may, at ifis sole option, declare a detaut� <br /> under this Resale Re�triction Agreement. In addEtior�, Owner shalf be IPable to the Ci�y <br /> fot the difference betweer� the rent b�ing charged fvr the Subject A�fordable Unit and <br /> the allowable rent had the Subject Affordable Unit been rented to a household of very <br /> faw incorne whose fncome did not exceed Fifty perc�n# {50%) of the median incpme in <br /> San Mat�o Caunty for a family of two (Zj. <br /> 8. F�efinance Restriction• Prohibition on Home E c�i Lines of Credit• Home <br /> E ui Loan Res#ric�ions. <br /> {a) Refinance R,�st�ction. Ov�msr may nqt, during tF�e Term, refinance <br /> the Eligfble First Loan or Eligible 3eoa�nd Loarr withaut the express w�itten approval af <br /> the Cify, which sha�l not be unr�asonab�y withheld. The City's decisivn to approve or <br /> disapArove s�ch refrnar��ing shall !�e based upon 5UCF1 ��CfDf$ as whether tF�e <br /> repl�cement laan: (i) pravides a reasonable ar�d tangible r�et bene�it to �wner such as <br /> a reductiah in t1�e interest rate and mon#hIy mortgage payment; (ii) �rovides a rec�u�tion <br /> in the amnrtiza�ian period, (iii} is required due to ar� arder of a court ot' com�etent <br /> j�risdiction; or (iv) fnastrstes the City's ability to administer the cavenants contair�ed in <br /> this Resale Restriction Agreement. In no event shafl Owner be permi�ted to refinar�ce <br /> inta an lneli�ible Laan. Any Mewr Loan appraved by the City shalt become and rernain <br /> subject to the €�efinance Restriction set farth in this Section 6(a) for the hafanqe of the <br />