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�Cl-�-6w #-O, q-70243 TQ--. Recording Requested by and when Recorded, return to: City of San Leandro Mail Tax Statements to: City of San Leandro City of San Leandro 835 E. 14th Street San Leandro, California 94577 Attn: Community Development Director EXEMPT FROM RECORDING FEES PER GOVERNMENT 27383 �"A OF 41,, 2017154187 07/14/2017 01.08 PM m¢ OFFICIAL RECORDS OF STEVE MANNING RECORDING FEE: Col isOPN�f 93 (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) RESALE RESTRICTIONS AND OPTION TO PURCHASE ALAMEDA COUNTY 0.00 18 PGS THERE ARE RESTRICTIONS ON THE SALE OF THE PROPERTY YOU ARE BUYING. EXCEPT FOR A TRANSFER TO THE CITY OF SAN LEANDRO (THE " CITY'J FOLLOWING CITY'S EXERCISE OF ITS OPTION TO PURCHASE, THIS PROPERTY MAY ONLY BE SOLD TO AN ELIGIBLE HOUSEHOLD AT A PRICE NOT TO EXCEED THE ADJUSTED RESALE PRICE WHICH IS CAPPED AT AN AFFORDABLE HOUSING COST. This RESALE RESTRICTIONS AND OPTION TO PURCHASE (hereinafter "ggreementl is entered into as of this June 25, 2017, by and between the CITY OF SAN LEANDRO (hereinafter "City") and Ka Wai Yuen -Lee & Man Fung Lee (hereinafter "Owner"). RECITALS WHEREAS, Government Code Sections 65580 et seq. require the City to encourage the development and availability of affordable housing, and the City's Housing Element Goal 53 requires the inclusion of affordable housing in new housing developments both inside and outside the redevelopment project areas; and WHEREAS, the City has adopted an Inclusionary Zoning Ordinance pursuant to which the City conducts a program for the sale and rental of some housing units at a price below market rate ("Program"), pursuant to which developers of residential housing developments agree to set aside a certain number of units for low- and moderate -income persons and families, as defined herein; and WHEREAS, Owner is a low- or moderate -income household qualified under the Program ("Eligible Household"), intends to live in the Property as an owner occupant, and agrees to maintain the Property as Owner's principal residence; and WHEREAS, In order to maintain and preserve the Property, located at 700 Fargo Ave. #11, San Leandro, CA 94579, as affordable housing, it is necessary to restrict the use and resale of the Property through imposition of the occupancy and resale restrictions set forth herein. These restrictions are intended to prevent initial and subsequent purchasers from using the Property for purposes incompatible with the Program and realizing unwarranted gains from sales of the Property at unrestricted prices. The terms and conditions of this Agreement are intended to provide the necessary occupancy and resale restrictions to ensure that the Property is used, maintained, and preserved as housing affordable to Eligible Households; and WHEREAS, The Property constitutes a valuable community resource by providing decent, safe, and sanitary housing to Eligible Households who otherwise would be unable to afford such housing. To protect and preserve this resource it is necessary, proper, and in the public interest for the City to administer the occupancy and resale controls by means of this Agreement. AGREEMENT WLFA\53530\1238347.1 1 June 29, 2017