1998 Home Program -- Community Revitalization Loan Fund 9-15-1998

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t r further documentation is necessary, the County will notify OCHC in writing of the date funds will be available. If additional information is requested by the County, the request for information must be satisfied in full before the written notification of funding availability. Any new submission of material will trigger the ten (10) working days response timeframe outlined above. 4. HOME funds used for acquisition and rehabilitation of available property shall be secured by a note from OCHC to the County and a deed of trust constituting a first lien on the Property which deed of trust shalt designate the-County as the- secured party/beneficiary. The note and deed of trust shall be in the form of the documents that are attached to and a part of this Agreement. The county agrees to subordinate its lien on the Property to a first mortgage securing private financing obtained by OCHC in order to complete the project. 5. OCHC agrees to sell homes to qualified first--time homebuyers whose income does not exceed 70% of the area median income by family size, as determined by the U.S. Department of Housing and Urban Development and as amended from time to time. In the event that the property is originally acquired by OCHC, at the closing of the sale to a homebuyer, OCHC shall repay the County the total HOME investment in the form of a credit to the homebuyer. The credit to the homebuyer shall be documented by a promissory note from the ,homebuyer to the County which note shall be secured by a deed of trust on the Property naming the county as beneficiary. The County agrees to subordinate its lien on each lot to a first lien securing private permanent financing acquired by the homebuyer. The period of affordability for HOME funds in accordance with the Act, its regulations and State Program Requirements shall be 20 years from the date of execution of this Agreement. The default interest rate shall be 7% per annum. OCHC shall provide to the County, prior to closing the sale of the Property to the homebuyer, documentation satisfactory to the county verifying the income of the homebuyer. 0. In the event property is acquired for rehabilitation and resale without identifying a prospective homebuyer, OCHC agrees to identify a qualified buyer and complete the sell of the property to the homebuyer within one hundred twenty days (120) days of the date of the original closing. Failure to abide by this provision will constitute an Event of Default as defined in Paragraph 8b. of this agreement. 7. The county and OCHC agree to comply with the Act, its regulations and Federal Program Requirements in the purchase and sale of the Property. The County and ocHc further agree to comply with the provisions of the funding agreement, dated July 8, 1997, attached hereto and made a part of this Agreement (Exhibit B}.