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��- �� � <br /> " �� �DIQ' <br /> �Q1�178�71 &A/&d/701" 0k'%D 0q <br /> nm'°r'�°^, ~° °° = <br /> uppzcz�� *sco�ou of n�onsm� co�mry <br /> Recording Requested Hwwmzw: <br /> � �Tsysdby mscomurmo �es� m mw <br /> � <br /> and when Recorded,return to: <br /> � <br /> City ofSan Leandro ' <br /> �. <br /> Mail Tax Statements to: <br /> � <br /> City o/San Leandro <br /> City of San Leandro <br /> 835 E. 14th Street <br /> San Leandro,California 94577 <br /> Attn: Community Development Director <br /> EXEMPT FROM RECORDING FEES PER GOVERNMENT CODEJ <br /> (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br /> RESALE RESTRICTIONS AND OPTION TOPURCHASE <br /> THERE ARE RESTRICTIONS ONTHE SALE OFTHE PROPERTY YOU ARE BUYING. EXCEPT FOR ATRANSFER TOTHE <br /> CITY OF SAN LEANDRO(THE"CITY')FOLLOWING CITY'S EXERCISE OF ITS OPTION TO PURCHASE,THIS PROPERTY <br /> MAY ONLY BE SOLD TO AN ELIGIBLE HOUSEHOLD AT A PRICE NOT TO EXCEEDTHE ADJUSTED RESALE PRICE WHICH <br /> |SCAPPED ATANAFFORDABLE HOUSING COST. <br /> ThiaRESALENESTR|CT0NSANDOPT0NT0PURCHASE(hominafter^Aomament")ioantemdintoaoufthio1dy21, <br /> L0U7, by and between the CITY OF SAN LEANDR0 (hereinafter^Chv') and Chulong Tan Ma & Tien Thuy Bui (hereinafter <br /> "Owner"). <br /> RECITALS <br /> WHEREAS,Government Code Sections 65580 et seq.require the City to encourage the development and availability of <br /> affordable hnuoing, and the City's Housing Bement Goal 53 requires the inclusion of affordable housing in new housing <br /> developments both inside and outside the redevelopment project areas;and <br /> WHEREAS,the City has adopted an Inclusionary Zoning Ordinance pursuant to which the City conducts a program for the <br /> sale and rental of some housing units at a price below market rate("Program"),pursuant towhich developers ofresidential housing <br /> developments agree boset aside acertain number nfunits for low-and moderate-income persons and families,aodefined herein;and <br /> WHEREAS,Owner is a low-or moderate-income household qualified under the Program("Eligible Household"),intends to <br /> live in the Property as an owner occupant,and agrees to maintain the Property as Owner's principal residence;and <br /> WHEREAS,In rdto maintain and preserve the Property, ted at 740 Fargo Ave#3,San Leandro,CA 94579,as <br /> affordable housing, it is necessary to restrict the use and resale of the Property through imposition of the occupancy and resale <br /> restrictions set forth herein. These restrictions are intended to prevent initial and subsequent purchasers from using the Property for <br /> purposes incompatible with the Program and realizing unwarranted gains from sales of the Property at unrestricted prices. The terms <br /> and conditions of this Agreement are intended to provide the necessary occupancy and resale restrictions to ensure that the Property <br /> is used,maintained,and preserved as housing affordable to Eligible Households;and <br /> WHEREAS,The Property constitutes a valuable community resource by providing decent,safe,and sanitary housing to <br /> Eligible Households who otherwise would bounable toafford such housing. Tnprotect and preserve this resource itionecessary, <br /> proper,and inthe public interest for the City toadminister the occupancy and resale controls bymeans ofthis Agreement, <br /> wLpAm3530\1238347.1 1 July u1.uu17 <br />