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Recording Requested by and <br />After Recording Return To: <br />REDEVELOPMENT AGENCY OF THE ff <br />THE CITY OF SAN LEANDRO I fjl� <br />City Clerk's Office <br />835 East 14th Street <br />San Leandro, CA 94577 <br />2001428359 11/01/200101:25 PM <br />OFFICIAL RECORDS OF RECORDING FEE: 0.00 <br />ALAMEDA COUNTY <br />IPIIRIIIIIII <br />G�'N�ELL <br />IlAlllll11lllllllli�ll12 PG_ <br />PROPERTY VALUE RESTRICTIONS, RESALE AGREEMENT <br />AND OPTION TO PURCHASE <br />This Resale Restriction Agreement and Option to Purchase (hereinafter "Agreement") is entered <br />into as of this 6th day of August, 2001 by and between the REDEVELOPMENT AGENCY OF THE CITY <br />OF SAN LEANDRO (herein "Agency"), and Jocelyn G. Yalung and Edwin Y. Mendoza (herein "Owner") <br />RECITALS <br />WHEREAS, the Community Redevelopry "fit Law requires the real property which is subject to this <br />agreement to be made available to low and moderate income households; and <br />WHEREAS, the intent of the Agency is to preserve the affordability of the homes for persons of <br />low or moderate income for the life of the Redevelopment Project Area in which the home is located; and <br />NOW, THEREFORE, in consideration of the benefits received by the Owner, Owner and Agency <br />agree as follows: <br />1. Subject of Agreement. <br />The real property which' is the subject of this Agreement is described as 418 Alvarado Street, San <br />Leandro, California, more fully described in "Exhibit A" attached here and incorporated by this reference. <br />Said real property ("Residence") is hereby designated as a Below -Market Rate (BMR) unit and shall be <br />subject to the terms and conditions here set forth. <br />2. Warranty <br />The Owner represents and warrants to the Agency that the financial and other information <br />provided to the Agency by the Owner for the purpose of qualifying to purchase the Residence was true and <br />correct at the time it was given and remains true and correct as of the date of this Agreement. <br />