RecDoc2003-237251 - Laserfiche WebLink

Browse Search

COMPLIMENTARY RECORDING REQUESTED ,PURSUANT TO GOVE When Recorded Mail To: The Redevelopment Agency of the City of Redwood City PO Box 391 Redwood City, CA 94064 Attn: Silent Loan Program Coordinator DOC a 2003---237251 08/21/2003 03:000 AG Fee:19.00 Page I of 5 Recorded in Official Records County of San Mateo Warren Slocum Assessor—Count Clerk—Recorder Recorded By FIDELIT� NATIONAL TITLE ILII I� III�I SHARED APPRECIATION LOAN AGREEMENT REDWOOD CITY FIRST TIME HOMEBUYER PROGRAM This Loan Agreement made this 4 1 day of August , 20 03 'by and between The Redevelopment Agency of the City of Redwood City ("Lender/Agency") Jennifer and Timothy „Torres, ("Borrower") RECITALS: A. Lender/Agency has established a First Time Home Buyer Program ("Program" or "FTHB Program") for the benefit of households who are either employed within the geographic region or currently reside within the geographic region of Redwood City B. Borrower will receive a loan from Lender/Agency under the Program. C. The parties wish to enter into this Loan Agreement to define the rights and obligations of the Borrower with respect to the Loan. NOW, THEREFORE, the parties agree as follows: Definitions. Unless otherwise defined in this Agreement, all capitalized words, terms and phrases used in this Agreement shall have the following meanings a. "Appraiser " shall mean a real estate appraiser who is certified and licensed in California. b. "Eligible Borrower" shall mean households as described in the Program Synopsis who meet eligibility criteria described in the Program Guidelines, as hereinafter defined, who are either employed within the geographic region and/or currently reside within the geographic region of the City of Redwood City. C. "Borrower" shall mean a borrower or co -borrower or co-borrower(s) who execute this Agreement and all relevant loan program documents related hereto. d. "First Time Homebuyer" shall mean a Borrower who has not owned a residential property in for the past three years. Exception to this rule will be applied for a Borrower who has had partial or non -controlling interest in a residence. In such cases, an interest yield which is established and published by the United States Housing and Urban Development (HUD) division, will be applied towards the value of the percentage ownership that the Borrower maintains. This yield will then be applied towards the Borrower's income in determining the Borrower's eligibility as based on the program Redwood City First Time Homebuyer Silent Loan Program - Shared appreciation agreement April 23, 2001 Page I