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3. Right of First Refusal <br />Owner hereby grants to Agency a right to purchase the real property and improvements thereon <br />which are the subject of this Agreement ("Premises") under conditions hereinafter set forth. Agency may <br />designate a governmental or nonprofit organization to exercise said right. Agency or its designee may <br />assign this right to an individual private buyer who meets the Agency's eligibility qualifications. After the <br />exercise of said right by Agency, its designee or assignee, in the manner hereinafter prescribed, Agency, <br />its designee or assignee, may assign said right to purchase to any substitute individual private buyer who <br />meets the Agency's eligibility requirements, is approved by the Agency and enters into a Resale <br />Agreement and other documents as required by the Agency. Any attempt to transfer title or any interest <br />therein in violation of these covenants shall be void. <br />The following transfers of title of any interest therein are not subject to the right of first refusal <br />provisions of this deed, transfer by gift, devise, or inheritance to grantee's spouse or issue; taking of title by <br />surviving joint tenant; transfer of title to spouse as part of divorce or dissolution proceedings; acquisitions <br />of title or interest therein in conjunction with marriage; provided, however, that these covenants shall <br />continue to run with the title to said Premises following said transfers. <br />Any transfer of the Residence will be subject to the conditions set forth in Sections 4 through 6 of <br />this Agreement. "Transfer' means any voluntary or involuntary sale, assignment or transfer of any legal, <br />equitable or possessory interest, life estate, land contract, or any lease or rental of the premises, or any <br />refinancing, encumbrancing, or other hypothecation of the residence. For purposes of illustration, "any <br />refinancing, encumbrancing, or other hypothecation" means that you cannot, for example, place any new <br />mortgage or other trust deed on the premises or use the premises for any other types of security for a loan <br />unless you first get the consent of the Agency as required in Paragraph 4(b). Any transfer without <br />satisfaction of the conditions of Sections 4 through 6 shall be deemed a "prohibited transfer' as defined in <br />Paragraph 11 and may result in a declaration of default voiding the transfer. <br />(Owner initials) <br />4. Transfer/encumbrance of property <br />(Agency's initials) <br />Notwithstanding the provisions of paragraph 3, the Owner may transfer the Residence if the <br />following conditions are satisfied: <br />A. Sale <br />i. The transferee(s) intend(s) to occupy the Residence as his/her/their principal residence. <br />The transferee(s) may not collectively earn more than 120% of the then current Alameda County median <br />income as defined by the United States Department of Housing and Urban Development. Agency will <br />allow co-signers not meeting the above conditions for purposes of obtaining loans so long as the <br />transferee(s) of the residence meet(s) the conditions set forth herein. <br />2 <br />