RecDoc 2011-155321 - Laserfiche WebLink

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Eligible Second Loan - shall mean a second mortgage loan available from a public source such as a First Time Homebuyer Program, generally comprised of Federal, State or local funds (CaIHFA, Redevelopment, etc.). An Eligible Second Loan shall not exceed twenty percent (20%) of the sales price for the Affordable Unit. An Eligible Second Loan will typically be "silenY', meaning payments will be deferred for at least five (5)years. Gross Income - shall have the meaning set forth in Section 2 below. Ineligible Loan - shall mean any loan other than an Eligible First Loan or Eligible Second Loan. Principal Residence - shall mean an Affordable Unit occupied by a Qualified Buyer as his or her primary residence, that is not leased or rented to others for any period of time. Proposed Purchaser - means all individuals or entities comprising the purchaser to whom Owner or the City intends to transfer the Subject Affordable Unit. Qualified Buyers - shall have the meaning set forth in Section 10 below and shall mean a Proposed Purchaser of the Subject Affordable Unit who meets the requirements for an eligible Transfer as set forth in Section 10 of this Resale Restriction Agreement; provided, however, that the City shall be considered a Qualified Buyer without regard to the requirements of Section 10. Subject Affordable Unit - shall mean the property identified in Section 3 which is the subject of this Resale Restriction Agreement, including all improvements now or later created on the Property, and all easements to, rights, appurtenances and fixtures now or in the future to be attached to the Subject Affordable Unit, located at 333 Main Street, Redwood City, California, and described in the attached Exhibit "A". Term - shall have the meaning set forth in Section 2 below. Transfer - shall mean any sale, assignment or transfer, whether voluntary or involuntary, and whether by deed, contract of sale, gift, devise, or othenvise, of any interest in the Subject Affordable Unit, including but not limited to a fee simple interest, a joint tenancy interest, a life estate, or an interest evidenced by a land contract by which possession of the Subject Affordable Unit is transferred and Owner retains title, except transfers by gift, devise or inheritance to an existing spouse, surviving joint tenant, or a spouse as part of a dissolution proceeding or in connection with marriage. 2. Affordabilitv Covenants. Owner hereby agrees that the affordability covenants contained in this Resale Restriction Agreement shall remain in effect upon the Subject Affordable Unit for forty-five (45) years from the date this Resale Restriction Agreement (the "Term"). Owner covenants that the Subject Affordable Unit shall be sold to, owned, occupied and maintained affordable to Qualified Buyers as of the date of the sale to such purchaser.