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<br />~'.' <br /> <br />RECORDED AT THE RE!1,UEST OF <br />" PLACER TITLE CO.# "o,qjlo~s <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 /> <br />(, <br /> <br />~~ <br />",......... ,4" <br /> <br />(~.'~:.~ 20l:}f.~;(~~!?, RtC0ki~:;/l~~6/}l0:r;E.r;'~ '(3;' I~~~I <br />\'ftiiilfl/ PATRICK U 'CONNELL . , I <br /><!!~ RECORDING FEE: 0 00 <br /> <br />City of San Leandro <br />835 E. 14th Street <br />San Leandro, California 94577 <br />Attn: Community Development Director <br /> <br />~f <br />1 <br />r <br /> <br />: .i/I!./IIIIII.! 1IIIi II!i: ill.!; Ilill ili!i 1 ill I 11111 II/!I'I iili Illi <br />I i:i II 'I: Iii i :: Ii I1I1 ! I! Ii . ilil : <br />_'; il Ii I:. II! Ii:: ~lllli; ! :1 iii li!i!i i W ",;c, <br /> <br />,,1 <br /> <br />EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE <br />6103,27383 <br /> <br />(SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br /> <br />RESALE AGREEMENT AND OPTION TO PURCHASE <br /> <br />THERE ARE RESTRICTIONS ON THE SALE OF THE PROPERTY YOU ARE BUYING. EXCEPT FOR A <br />TRANSFER TO THE CITY OF SAN LEANDRO (THE "CITY") FOLLOWING CITY'S EXERCISE OF ITS <br />OPTION TO PURCHASE, THIS PROPERTY MAY ONLY BE SOLD TO AN "ELIGIBLE HOUSEHOLD" <br />AT A PRICE NOT TO EXCEED THE ADJUSTED RESALE PRICE WHICH IS CAPPED AT AN <br />"AFFORDABLE HOUSING COST." <br /> <br />c4 Dp1lurlt( (VIt\(ICl (Y\~)u.(ro . cu'\t\ it(tl.[,€~ !eU{t,lt.t-, <br />oP+1Cr1~-<t ,- ".t~ of ~{A" Wc.thJ (0 . <br />This RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE (hereinafter <br />"Agreement") is entered into as of the close of escrow date, 2007, by and between the CITY OF SAN <br />LEANDRO (hereinafter "City") and Maria Mojarro and Aracely Garcia (hereinafter "Owner"). <br /> <br />RECITALS <br /> <br />WHEREAS, Government Code Sections 65580 et seq. require the City to encourage the <br />development and availability of affordable housing, and the City's Housing Element Goal 53 requires the <br />inclusion of affordable housing in new housing developments both inside and outside the redevelopment <br />project areas; and <br /> <br />WHEREAS, the City has adopted an Inclusionary Zoning Ordinance pursuant to which the City <br />conducts a program for the sale and rental of some housing units at a price below market rate ("Program"), <br />pursuant to which developers of residential housing developments agree to set aside a certain number of <br />units for very low-, low-, and moderate-income persons and families, as defined herein; and <br /> <br />WHEREAS, Owner is an eligible moderate-income purchaser under the Program, intends to live in <br />the Property as an owner occupant, and agrees to maintain the Property as Owner's principal residence; <br />and <br /> <br />WHEREAS, In order to maintain and preserve the Property as affordable housing, it is necessary <br />to restrict the use and resale of the Property through imposition of the occupancy and resale restrictions set <br />forth herein. These restrictions are intended to prevent initial and subsequent purchasers from using the <br /> <br />tf <br />