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A <br /> � <br /> ' <br /> 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 TOPURCHASE <br /> THERE ARE RESTRICTIONS ONTHE SALE OFTHE PROPERTY YOU ARE BUYING. EXCEPT FOR ATRANSFER T0THE <br /> CITY OFSAN LE8NOD0(THE^C|TY'lFOLLOWING CITY'S EXERCISE 0FITS OPTION T0PURCHASE,THIS PROPERTY <br /> MAY ONLY BE SOLD TO AN ELIGIBLE HOUSEHOLD AT A PRICE NOTTO EXCEED THE ADJUSTED RESALE PRICE WHICH <br /> |8CAPPED AJANAFFORDABLE HOUSING COST. <br /> This RESALE RE8TRCDONS AND OPTION TOPURCHASE(homi afte ^ nt")isentered into as ofthis June 25, <br /> 2817,by and bahmann the CITY OF GAN LEANDRO(hereinafter"City')and fa1imaUou8Fall(hereinafter lJwnor). <br /> RECITALS <br /> WHEREAS,Government Code Sections 65580 etseq.require the City to encourage the development and availability of <br /> affordable houoinU, and the City's Housing Element Guu| 63 requires the inclusion of effon]ob|o 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 o(some housing units a\oprice below market rate("PmQmm^).pursuant howhich developers ofresidential housing <br /> developments agree to set aside a certain number of units for low-and moderate-income persons and families,as defined 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 on owner occupant,and aAemo to maintain the Property as Owmo/o phodpu\residence;and <br /> WHEREAS,In order to maintain and preserve the Property,located at 680 Fargo Ave#15,San Leandro,CA 94579,as <br /> affordable housing, ^'~�necessary~^—�'—'--�----r--' - -he� Property through ' ' ' <br /> and resale <br /> restrictions set forth herein. These restrictions are intended mprevent 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,mainboined,and pmoonmd 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. Toprotect and preserve this resource itionecessary, <br /> pmpor,and in the public interest for the City to administer the occupancy and mou|e controls by means of this Agreement. <br /> AGREEMENT <br /> WLpm53530\123e34/.1 1 June uu.ao1/ <br />