AgdaPkt 2012-06-25 - Laserfiche WebLink

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6.1.K. - Page 19 C. Owner has received tF�e benefit of t�is program in purchasing the Affordable Unit and is pro�ic�ir�g the same assurances to City �y entering into th�s Agreement to ensure that the Affardabfe Unit remains affordable as set far�h herein. D. Owner and City desire to enter into this Agreement. NOW, THEREFORE, for good and �aluable consicleration, City and Owner agree as fof lows: 1. Affordabilit Covenants and Sale of Affordable Ur�it. Owner hereby agrees that the a�fordability covenants contained in this Agreement shafl remain in effect upan the Affordable Unit for years from the execution date of this Agreement {the "Term"}. Owner covenants that the Affordable Unit shall be solc! to, awned, occupied and maintained affordable to persons and families w[th an incame, certified by the City or its clesignee, whicl� is between 80 and 100 percent of AMI ("Q�alified Buyer") at a purchase price that would be considered affordable to a purchaser whose income is between 80 and 1QQ percent of AMf, as calcufated by the City, pursuant to Califarnia Health and Safety Code Section 50052.5, adjusted for househoEd size, depending on the number of bedrooms (or bedroom size equivalent), as adjusted below (the "Affordable Sales Price"). "AMI" shall be HUD's Area Median Income for San Mateo County. fn the event tl�e City is unable to make a determination that a prasp�ctive buyer is a Qualifiecf Buyer based upon the informafion provided, the prospective purchaser shali be determined not to meet fhe requirements of a Qualified Buyer and shall be disqualified from purchase. 2. Documentation. Concurrently with execution of this Agreement, Owner shall execute a Disclosure Statement in the form of Attachment 2, attached hereta, ancf shall execute and acknowfedge a deed of trust securing �ts obligations under this Agreement in the farm of Attachment 3, attached hereto {"Deec� of Trust"). The Deed af Trust shall be recorded in the Official Records of San Mateo County. City may execute and record a Request for Notice af Default in the form attached hereto as Attachment 4. 3. Owner Certification_ Owner cer#ifies that the financial and other information previo�sly provided �o the City in order to qualify to purchase the AffordabEe Unit is �rue and correct as af the date of executian o�this Agreement. 4. Principa� Residence. The Affordable Unit shafl be occupied as the Principal Residence of Owner and for no other purpose. Owner shall not ent�r into agreements for the ren�al ar lease of the Affordable Unit or otherwise allow for the rental ar lease af the same. Any lease ar rental af the Affordable Unit in violation af this Agreement is prohibited. A Principal Residence is ane that is not leased ar rente� to others for more than 30 days in any calen�ar year. 5. Refinance anci Loar� Restrictions. Page 15 of 3i