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