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6.1.E. - Page 34 determine khe income for ho�sehalds in San Mateo Coun#y at one hundred t►nrenty percer�� (i 20%} of the median year�y income, adjusted for f�mi�y size. (c) Qualified Buyers incame shalt be calcul$fed on the basis af the�r "Gmss lncome", as defrned under Tifle 25, Section 6914, of the Califor�fa Code afi Regulations, as arnended from time to time. 11. ❑etermination of Resale Price. The sales price for a Transfer of the Subject Affordable Unit to a Q�ralifed Buyer or to the City �the "peed-Res#ricted Resals Price") shall bs as defr�ed beJow, provided that �he Qeed-Restr�c#ed Resale Price st�a« never exceed ths fair market value of the Subject Affordable Unit on t�e date of Transfer, {a) The deed-Restricted Resale Pri�e. Th� Deed-Restricted Resafe Price for any Trar�sfer of the Subject ATfardable Unit to a Qualifred Buyer or ta City or its assi�nee sha�! be th� sum of ihe sales price of t�e Subject Affflrdable Unit at the time of purchase by the Qwner, the Appreciafion 5hare, �nd the 5afes Price Adjustmen#, as defined and calculated in tMe follow�ng mann�r: (j) A reciation Share. The Appreciation Share of the Subj�ct Affordable Unit means the product of the amount for which the Owr�er originally purchased the unit multi�lf�d �y #I�e percentage increase iri hous�hold income in S�n Mateo County far a family o� four (4} at one hundred #wenty percent (124%) of #he medran hnusehold income. The percentage increas� shall be cc�mputed from the date fln �nrhich C?wner origina!!y purchased the SUbject Affordabfe Un�t (the "Beg�nr�ing Date"} to the dat� on wk�ich the City or its assignee received th� No#Pce of Intended Transfer required by Seckion 8 above (the "Endfng Date"). Median F�ousehold yearly incpme shali b� deterrnined accord�ng to HUD pub�icatior�s for San Mateo County published mast closely pripr to the Beginrting Dat� and ERding Da#e, respectively, or if necessary, in the m�nner specified in Section 10{b) of this Resa�e Restriction Agre�ment. {�i) al Prfce Ad'ustm nts. The Deed-Restricted Resals Price shail be increased by the vatue of ar�y substantfal structural or perrnanent fixed improvernen�s which carirrat be removed wifhout su�stantiaf damage to the Subject Affordable Unit or substantial or total I�ss of value af said improvemer�ts. Na sucF� adjustment sh�ll be made excapt for impravements: (A) made or installed �y th� Owrter; (B) approved in advance by City or its designee; and (C) whpse initial costs �ere Twa Thausand Dollars ($2,000.00) or more. 7he value of such fmpr�vements by w�ich the Deed-Restricted Resale Price shall be adjusted shali b� the appraised market v�lue of th� improvemer�ts when cansidered as