S Housing-Development Agreement - Consolidated Housing $70,000 Empowerment Inc-

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continue ownership, then the buyer must sell, transfer, or otherwise dispose of their interest in the Property only to a qualified homebuyer, i.e., aloes-income household, one whose combined income does not exceed 80% of the area median household income by family size, as determined by the U.S. Department of Housing and Urban Development at the time of the transfer, to use as their principal residence. 3.2 However, if the property is sold during the term of affordability to anon-qualified homebuyer, the Right of First Refusal provision of the New and Existing First- Time Homebuyer Program portion of the County's Long-Term Housing Affordability Policy must be followed and the net sales proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of the original first mortgage and (3) the unpaid principal amount of the initial County contribution and any other initial government- contribution secured by a deferred. payment promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of the Property and the County. 3.3 The resale provision shall remain in effect for the full affordability period - 99 years. 4. Miscellaneous Provisions. a. Uniform Administrative Requirements. EmPOWERment must comply with the applicable uniform administrative requirements of 24 CFR §92.505. b. Other. Program Requirements. EmPOWERment must carry out each activity in compliance with all Federal laws and regulations described in 24 CFR, Part 92, subpart H except that the subrecipient does not assume the responsibilities for environmental review or intergovernmental review. c. Affirmative Marketing. If HOME funds will be used for housing containing five (5) or more assisted units, EmPOWERment must prepare and submit an Affirmative Marketing Plan to the County. d. Termination of Agreement. The full benefit of the Project will be realized only after the completion of the affordability periods for the Project dwelling unit. It is the County's intention that the full public benefit of the .Project shall be completed under the auspices of EmPOWERment for the assisted unit as follows: i. In the event that EmPOWERment is unable to proceed with any aspect of the Project in a timely manner, and County and EmPOWERment determine that reasonable extension(s) for completion will not remedy the situation, then EmPOWERment will retain responsibility for requirements for any dwelling unit assisted and County will make no further payments to EmPOWERment. ii. In the event that EmPOWERment, prior to the contract completion date, is unable to 4