RecDoc 2011-155321 - Laserfiche WebLink

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3. Description of Subiect Affordable Unit. This Resale Restriction Agreement is applicable to Unit Number , located at 333 Main Street, Redwood City, California 940_, which is more fully described in the attached Exhibit "A" and which has a purchase price of Dollars ($ ). Owner has purchased the Subject Affordable Unit by obtaining an Eligible First Loan of Dollars ($ ) and an Eligible Second Loan of Dollars ($ ). Owner's down payment for the Subject Affordable Unit is Dollars ($ ). 4. Owner Certifications. Owner certifies that: (a) the financial and other information previously provided to the City in order to qualify to purchase the Subject Affordable Unit is true and correct as of the date of execution of this Resale Restriction Agreement; and (b) Owner shall occupy the Subject Affordable Unit as Owner's Principal Residence. 5. Occuoancv Standards: Leasinq of Subiect Affordable Unit. The Subject Affordable Unit shall be occupied as the Principal Residence of Qualified Buyer and for no other purpose. Owner shall not enter into agreements for the rental or lease of the Subject Affordable Unit or otherwise allow for the rental or lease of the same. Any lease or rental of the Subject Affordable Unit in violation of this Resale Restriction Agreement is prohibited. The maximum occupancy of the Subject Affordable Units shall not exceed the maximum occupancy allowed pursuant to the general requirements of the United States Department of Housing and Urban Development ("HUD"), which as of the date of this Resale Restriction Agreement, is two (2) persons per bedroom, plus one (1) person. In the event Owner fails to comply with this Section 5 or with Section 4 regarding leasing the Subject Affordable Unit, the City may, at its sole option, declare a default under this Resale Restriction Agreement. In addition, Owner shall be liable to the City for the difference between the rent being charged for the Subject Affordable Unit and the allowable rent had the Subject Affordable Unit been rented to a household of very low income whose income did not exceed Fifty percent (50%) of the median income in San Mateo County for a family of two (2). 6. Refinance Restriction; Prohibition on Home Eauitv Lines of Credit: Home Eauitv Loan Restrictions. (a) Refinance Restriction. Owner may not, during the Term, refinance the Eligible First Loan or Eligible Second Loan without the express written approval of the City, which shall not be unreasonably withheld. The City's decision to approve or disapprove such refinancing shall be based upon such factors as whether the replacement loan: (i) provides a reasonable and tangible net benefit to Owner such as a reduction in the interest rate and monthly mortgage payment; (ii) provides a reduction in the amortization period; (iii) is required due to an order of a court of competent jurisdiction; or (iv) frustrates the City's ability to administer the covenants contained in this Resale Restriction Agreement. In no event shall Owner be permitted to refinance into an Ineligible Loan. Any New Loan approved by the City shall become and remain subject to the Refinance Restriction set forth in this Section 6(a) for the balance of the