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3. Right of First Refusal 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. 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 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 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 documents as required by the Agency. Any attempt to transfer title or any interest therein in violation of these covenants shall be void. 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 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 with marriage; provided, however, that these covenants shall continue to run with the title to said Premises following said transfers. 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 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 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 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 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. '"� (Owner initials) P7 (Agency's initials) 4. Transfer/encumbrance of property Notwithstanding the provisions of paragraph 3, the Owner may transfer the Residence if the following conditions are satisfied: A. Sale 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 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 loans so long as the transferee(s) of the residence meet(s) the conditions set forth herein. 2