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�7 �~J <br /> i' <br /> 2817*58660 87/20/2017 01'15 PM <br /> oppzozAL 9suoeuS op oLAnsuw cuumTv <br /> Recording Requested hy oTsys n*mmzmG <br /> and when Recorded,return to: esconozms FEE: m mm <br /> City ofSan Leandro �l � <br /> Mail Tax Statements to: <br /> City ofSan Leandro / <br /> z« psu <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 TOPURCHASE <br /> THERE ARE RESTRICTIONS DNTHE SALE OF THE PROPERTY YOU ARE BUYING. EXCEPT FOR ATRANSFER TOTHE <br /> CITY OF SAN LEANDRO(THE"CITY'l FOLLOWING CITY'S EXERCISE OF ITS OPTION TO PURCHASE,THIS PROPERTY <br /> MAY ONLY BE SOLD TO AN ELIGIBLE HOUSEHOLD AT A PRICE NOTTO EXCEED THE ADJUSTED RESALE PRICE WHICH <br /> |SCAPPED AJANAFFORDABLE HOUSING COST. <br /> This RESALE RESTRICTIONS AND OPTION TO PURCHASE(hereinafter"Agreement")is entered into as of this June 25, <br /> 2017,by and between the CITY OF SAN LEANDRO(hereinafter"City")and Fatimatou Fall(hereinafter^Wmner^). <br /> RECITALS <br /> WHEREAS,Government Code Sections G6580*Yseq.require the City tnencourage the development and availability of <br /> affordable houoing, and the City's Housing Element 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 forthe <br /> sale and rental of some housing units at a price below market rate("Program"),pursuantto which developers of residential housing <br /> developments agree hnset 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,|norder homaintain and preserve the Property,located as <br /> affordable housing, itiunecessary 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. To protect 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 /> AGREEMENT <br /> wLrm53530\123e3471 1 June oo.2u1r <br />