2001 NS Housing - HOME/Housing Bond Programs – Meadowmont Condominiums

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r 18 their interest in the Property only to a qualified homebuyer, i.e., a low-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. 5.2 If the property is sold during the term of affordability to a non-qualified homebuyer to be used as their principal residence, the net sales proceeds (sales price less selling costs and Is' mortgage payofji herein after referred to as "equity", after repayment, if required by the Note and Deed of Trust, of the initial bond investment, will be divided 50150 by the seller of the Property and the County. If the initial bond investment need not be repaid, then the entire equity realized from the sale will be divided 50150 by the seller of the Property and the County. 5.3 The resale provision shall remain in effect for the full affordability period—99 years. 6. Miscellaneous Provisions. a. Termination of Agreement.The full benefit of the Project will be realized only after the completion of the affordability periods for all properties constructed with funds provide affordable units to low-income families. It is the County's intention that the full public benefit of this project shall be completed under the auspices of OCHLT for the assisted units as follows: i. In the event that OCHLT is unable to proceed with any aspect of the Project in a timely manner, and County and OCHLT determine that reasonable extension(s) for completion will not remedy the situation, then OCHLT will retain responsibility for requirements for any dwelling units assisted and County will make no further payments to OCHLT. ii. In the event that OCHLT,prior to the contract completion date, is unable to continue to function due to,but, not limited to, dissolution or insolvency of the organization, its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement,then OCHLT shall, upon the County's request, convey to the County the properties assisted with funds. Conveyance shall be at the sole discretion of County and on a dwelling unit by dwelling unit basis. Conveyance of properties shall be on the terms set forth herein: Conveyance of properties shall occur within thirty (30) days of County and OCHLT's agreement of OCHLT's inability to continue as a viable organization. OCHLT shall convey the subject properties to County by general warranty deed, free and clear of all liens and encumbrances of record except those which create a beneficial interest in County(Declaration of Restrictive Covenants and Deed of Trust).