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COMPLIMENTARY RECORDING REQUIRED Doc 23 legs, -20-7282 <br />PURSUANT TO GOVERNMENT CODE 12122/1999 0a ..00P Ac Fee :61.00 <br />Page t of is <br />SECTION 27383 <br />Recorded in Official Records <br />County of San Mateo <br />Warren Slocum <br />When Recorded Mail To: Assessor -County Clerk --Recorder <br />Recorded By FIDELIT NATIONAL TITLE <br />Redwood City Redevelopment Agency jjjj�j First Time Homebu er Program <br />1 <br />l <br />11 <br />YI <br />P. O. Box 391 <br />Redwood City, CA 94064 <br />RDA #7205 <br />TO 7004378 <br />SPACE ABOVE THIS LINE FOR RECORDER'S USE <br />RESALE RESTRICTION AGREEMENT <br />AND OPTION TO REPURCHASE <br />Owner: Jesus Alcala and Maria R. Alcala <br />Property Address: 1205 Warren Avenue, Redwood City, CA 94063 <br />Unit: #103 <br />This Resale Restriction Agreement and Option to Repurchase (the "Resale Agreement") <br />is entered into as of this I q- day of December, 1999, by and between the <br />Redevelopment Agency of the City of Redwood City, a Redevelopment Agency of the <br />State of California, (the "Agency") and Jesus Alcala and Maria R. Alcala (the "Owner"). <br />RECITALS <br />WHEREAS, the Redevelopment Agency of the City of Redwood City has <br />determined that it would be desirable to increase the number of housing units for sale to <br />low and moderate income First -Time Homebuyers, and to assist such homebuyers in <br />purchasing otherwise unaffordable homes; and <br />WHEREAS, the Redevelopment Agency of the City of Redwood City <br />("Agency") has adopted a program (the "Program") under which it has entered into a <br />Restricted Resale Agreement with the seller ("Seller") of the property known as 1205 <br />Warren Avenue, Unit #103, Redwood City, California (the "Property"). The Restricted <br />Resale Agreement sets forth the prices at which the units ("Unit") within the Property <br />must be sold by the Seller pursuant to the Program. The Agency will provide funds to <br />certain eligible buyers ("Owner") to allow the purchase of the Units at a price affordable <br />to low and moderate income First -Time Homebuyers whose incomes do not exceed one <br />hundred percent (100%) of the median income for the County of San Mateo. The funds <br />will be in the form of a loan (the "Loan") to the Owner that will bridge the gap between <br />the purchase price of the Units and the price that would be affordable under the Program <br />