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1 <br /> 3 <br /> writing of the date funds will be available. If additional information is requested <br /> by the County, the request for information must be satisfied in full before the <br /> written notification of funding availability. Any new submission of material will <br /> trigger the ten (10) working days response timeframe outlined above. <br /> 4. HOME funds used for acquisition and rehabilitation of available property shall be <br /> secured by a note from EmPOWERment to the County and a deed of trust <br /> constituting a first lien on the Property which deed of trust shall designate the <br /> County as the secured:party/beneficiary. The note and deed of trust shall be in <br /> the form of the documents that are attached to and a part of this Agreement. The <br /> County agrees to subordinate its lien on the Property to a first mortgage securing <br /> private financing obtained by EmPOWERment in order to complete the project. <br /> 5. EmPOWERment agrees to sell homes to qualified first-time homebuyers whose <br /> income does not exceed 70/0 of the area median income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development and as <br /> amended from time to time. In the event that the property is originally acquired <br /> by EmPOWERment, at the closing of the sale to a homebuyer, EmPOWERment <br /> shall repay the County the total HOME investment in the form of a credit to the <br /> homebuyer. The credit to the homebuyer shall be documented by a promissory <br /> note from the homebuyer to the county which note shall be secured by a deed of <br /> trust on the Property naming the Counter as beneficiary. The county agrees to <br /> subordinate its lien on each lot to a first lien securing private permanent financing <br /> acquired by the homebuyer. The period of affordability for HOME funds in <br /> accordance with the Act, its regulations and State Program Requirements shall <br /> be 20 years from the date of execution of this Agreement. The default interest <br /> rate shall be 7% per annum. EmPOWERment shall provide to the county, prior <br /> to closing the sale of the Property to the homebuyer, documentation satisfactory <br /> to the county verifying the income of the homebuyer. <br /> 8. In the event property is acquired for rehabilitation and resale without identifying a <br /> prospective homebuyer, EmPOWERment agrees to identify a qualified buyer and <br /> complete the sell of the property to the homebuyer within one hundred twenty <br /> days (120) days of the date of the original closing. Failure to abide by this <br /> provision will constitute an Event of Default as defined in Paragraph 8b. of this <br /> agreement. <br /> 7. The County and EmPOWERment agree to comply with the Act, its regulations <br /> and Federal Program Requirements in the purchase and sale of the Property. <br /> The county and EmPOWERment further agree to comply with the provisions of <br /> the funding agreement, dated July 8, 1997, attached hereto and made a part of <br /> this Agreement (Exhibit B). <br />