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"Request for Notice" means the Request for Notice of Default attached hereto as Exhibit <br />C and incorporated herein. <br />"Restriction" means this Affordable Housing Resale Restriction. <br />"Sales Price" means the sum to be paid by a Transferee for the Transfer of the Property. <br />"Transfer" shall mean any sale, assignment, conveyance, lease or transfer, voluntary or <br />involuntary, of any interest in the Property. Without limiting the generality of the foregoing, <br />Transfer shall include (i) a transfer by devise, inheritance or intestacy to a party who does not <br />meet the definition of a Low or Moderate Income Household; (ii) a life estate; (iii) creation of a <br />joint tenancy interest; (iv) a gift of all or any portion of the Property; or (v) any voluntary <br />conveyance of the Property. Transfer shall not include transfer to a spouse in a dissolution <br />proceeding. <br />"Transferee" shall mean any natural person or entity who obtains ownership or <br />possessory rights in the Property pursuant to a Transfer. <br />2. Restrictions on, Sale of Property. Homebuyer covenants and agrees that during <br />the Affordability Period, each subsequent resale of the Property by the then -owner thereof shall <br />be to a Low Incozue Household at an Affordable Housing Cost. <br />3. Homebuyer's Representations and Warranties as to the Sale of the Property <br />to Homebuyer. Homebuyer represents and warrants to City that the financial and other <br />information which Homebuyer has provided to City with respect to Homebuyer's income and the <br />purchase price of the Property was true and correct at the time such information was provided, <br />and remains true and correct as of the Date of this Restriction. <br />4. Permitted Sales of the Property. City hereby permits sales of the Property to <br />proposed Transferees who are Low Income Households, and are approved in accordance with <br />this Section 4, provided the Sales Price does not exceed an Affordable Housing Cost to such <br />proposed Transferee ("Permitted Transfers"). In the event that Homebuyer desires to Transfer <br />the Property during the Affordability Period, prior to the Transfer the owner shall notify City by <br />delivering a Notice of Intent to Transfer to City, which shall indicate the identity of the proposed <br />Transferee who desires to purchase the Property, whether the purchaser is a Low Income <br />Household, and whether the sales price is at an Affordable Housing Cost. In addition to <br />Homebuyer's and the proposed Transferee's delivery of the Notice of Intent to Transfer, the <br />following procedure shall apply: <br />a. Notice to City. Homebuyer shall send the Notice of Intent to Transfer to <br />City at the address set forth in Section 24. <br />b. Qualification of Proposed Transferee. The proposed Transferee shall <br />provide City with sufficient information in the form provided by City including without <br />limitation, a certification as to the income and family size of the proposed Transferee, for City to <br />determine if the proposed Transferee is a Low or Moderate Income Household, and the purchase <br />price is at an Affordable Housing Cost. <br />4 <br />EXHIBIT B <br />