Agmt00 Purchase Agreement Habitat for Humanity - Rolison Haven

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Therefore, the Eligible Household Purchase Addendum shall provide that Peninsula Habitat for Humanity, the City of Redwood City, or the Redwood City Redevelopment Agency if Habitat chooses not to exercise its rights, with a right to repurchase the Property should the owner decide to sell or otherwise transfer the Property. Should the owner or any other party fail to comply with the provisions of the Eligible Household Purchase Addendum, then the Eligible Household Purchase Addendum shall provide that Habitat has a right and power of termination of the estate and title granted by the Grant Deed to which the Eligible Household Purchase Addendum is attached. b. Occupancy and Ownership Restricted to Eligible Households. During the term of the Eligible Household Purchase Addendum, the owner of the Property must occupy the Property as his or her principal residence. The owner shall be presumed to be occupying the Property as his or her principal residence if the owner is living in the Property for at least ten (10) months out of each calendar year. Peninsula Habitat may waive this occupancy requirement for good cause at its sole discretion. The owner shall not rent or lease the Property for more than two months during any twelve-month period and shall not lease or rent the Property without providing Peninsula Habitat with a copy of the lease or rental agreement. Any lease or rental in violation of the provisions of -the Eligible Household Purchase Addendum shall be prohibited and void. Except as so provided in the Eligible Household Purchase Addendum, all• leasing or rental of the Property shall be a Transfer as defined in the Eligible Household Purchase Addendum, and subject to the provisions of the Eligible Household Purchase Addendum. c. Eligible Household. As used in the Eligible Household Purchase Addendum, the term "Eligible Household" shall mean a Household which: (1) resided within the incorporated area of the City of Redwood City at the time of application, (2)has a household income not to exceed 50% of the area median income for San Mateo County established by the U.S. Department of Housing and Urban Development, and (3) meets large family definition of large family household of five or more persons (4) is eligible to participate in the ownership of the Property both (i) economically [a household whose income does not exceed the qualifying limits for very low income households as established pursuant to Section 8 of the United States Housing Act of 1937 as amended from time to time], and (ii) non -economically [which shall include, but not be limited to, the owner stating its warranted intent to personally and continuously occupy the Property as its sole residence for the foreseeable future, and that household size relative to the size of the Property complies with standards adopted by Peninsula Habitat and consistent with Consolidated Plan goals of the City of Redwood City]. -3- Addendum -h5 FXS:fs 04/14/00