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Recording Requested by <br /> and when Recorded,return to: <br /> City of San Leandro <br /> Mail Tax Statements to: <br /> City of 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 CODE, <br /> (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br /> RESALE RESTRICTIONS AND OPTION N0PURCHASE <br /> THERE ARE RESTRICTIONS ONTHE SALE OFTHE PROPERTY YOU ARE BUYING. EXCEPT FOR ATRANSFER TOTHE <br /> CITY OF SAN LEANDRO(I`HE^CITY'j FOLLOWING C11TY'S EXERCISE OF ITS OPTION TO PURCHASE,THIS PROPERTY <br /> MAY ONLY BE SOLD TO AN ELIGIBLE HOUSEHOLD ATA PRICE NOTTO EXCEED THE ADJUSTED RESALE PRICIEWHICH <br /> |DCAPPED ATA0AFFORDABLE HOUSING COST. <br /> This RESALE RESTRICTIONS AND OPTION TO PURCHASE(hereinafter"Agreement")is entered into as of this <br /> ---- <br /> � �. by and between the CITY 0FSAN LEANDRO(hom "City") (hereinafter <br /> RECITALS <br /> WHEREAS,Government Code Sections 65580 et seq.require the City to encourage the development and availability of <br /> affordable housing, and the City's Housing Element 600| 53 requires the inclusion of affordable housing in now housing <br /> developments both inside and outside the redevelopment project areas;and <br /> WHEREAS,the City has adopted anInclusionary Zoning Ordinance pursuant towhich the City conducts oprogram for the <br /> sale and rental of some housing units at a price below market rate("Program"),pursuant to which developers of residential housing <br /> developments agree boset aside acertain number o[units for low-and moderate-income persons and families,audefined 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 nd to 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 beunable toafford such housing. Toprotect and preserve this resource itionecessary, <br /> proper,and in the public interest for the City to administer the occupancy and resale controls by means of this Agreement. <br /> m«rm53530\1238347.1 1 July 21.zo17 <br />