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4XInwil :I title, <br />ADDENDUM TO GRANT DEED <br />RESTRICTIONS FOR AFFORDABLE <br />OWNERSHIP HOUSING <br />3426, 3436, 3446, 3456, 3466, 3476-3480, 3486 Rolison Road and <br />1181 Haven Avenue, Redwood City, California <br />(the "Property") <br />THE GRANT MADE BY, AND THE TITLE CONVEYED TO THE GRANTEE <br />UNDER, THE GRANT DEED TO WHICH THIS ADDENDUM TO GRANT DEED <br />RESTRICTIONS FOR AFFORDABLE OWNERSHIP HOUSING IS ATTACHED <br />AND MADE EXPRESSLY SUBJECT TO THE TERMS AND PROVISIONS <br />STATED IN THIS ADDENDUM TO GRANT DEED. <br />1. This grant is made with the express understanding and requirement that <br />the Peninsula Habitat for Humanity, Inc. ("Peninsula Habitat") will improve or <br />cause to be improved the Property hereunder granted by constructing or causing <br />the construction of thirty six (36) ownership residences thereon as affordable <br />ownership housing for acquisition by certain purchasers who meet the <br />qualifications herein set forth as "Eligible Households". <br />II. Peninsula Habitat shall sell the Property as affordable ownership housing <br />for acquisition by purchasers who qualify as Eligible Households, as herein <br />defined, with the express understanding that purchasers and owners who so <br />quality as Eligible Households to purchase such housing are receiving a special <br />and unique benefit by a not-for-profit organization, and that such owners are not <br />entitled to receive any rights to equity or appreciation of value of the real property <br />sold to them. To facilitate the sale of the Property to such Eligible Households, <br />Peninsula Habitat will be making or arranging for financing which will encumber <br />the Property as an "all-inclusive" deed of trust (the "Peninsula Habitat Loan"), <br />which will include in the loan obligation of the Peninsula Habitat Loan, the <br />Restrictions for Affordable Ownership Housing to be secured by a first deed of <br />trust on the Property. As such, the sale, conveyance or other transfer of the <br />Property by the Owner thereof, or the further encumbering of the Property, is <br />contrary to the purpose and intention of the making available to said persons <br />who qualify as Eligible Households such affordable ownership housing, and the <br />sale, transfer, conveyance, or further encumbrance thereof will frustrate the <br />basic purposes for which the Property is to be sold to the owner. Therefore, in <br />- 1 - <br />Addendum -h5 <br />FXS:fs <br />04/14/00 <br />