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1997 S Housing - HOME Program Culbreth Park Subdivision $16,000 in FY 1996
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1997 S Housing - HOME Program Culbreth Park Subdivision $16,000 in FY 1996
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Last modified
9/5/2013 10:56:08 AM
Creation date
8/15/2013 2:52:33 PM
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BOCC
Date
10/21/1997
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
10a
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Agenda - 10-21-1997 - 10a
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\Board of County Commissioners\BOCC Agendas\1990's\1997\Agenda - 10-21-1997
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2 <br /> 3. HHOC agrees to sell the home to a qualified buyer whose income does not <br /> exceed 80% of the area median income by family size, as determined by the <br /> U.S. Department of Housing and Urban Development and as amended from time <br /> to time. At the closing of the sale to a homebuyer, HHOC shall repay the County <br /> $16,000 in the form of a credit to the homebuyer. The credit to the homebuyer <br /> shall be documented by a promissory note from the homebuyer to the County <br /> which note shall be secured by a deed of trust on the Property naming the <br /> County as beneficiary. The County agrees to subordinate its lien on each lot to a <br /> first lien securing private permanent financing acquired by the homebuyer. The <br /> period of affordability for HOME funds in accordance with the Act, its regulations <br /> and State Program Requirements shall be 20 years from the date of execution of <br /> this Agreement. The default interest rate shall be 7% per annum. HHOC shall <br /> provide to the County, prior to closing the sale of the Property to the homebuyer, <br /> documentation satisfactory to the County verifying the income of the homebuyer. <br /> 4. The County and HHOC agree to comply with the Act, its regulations and Federal <br /> Program Requirements in the purchase and sale of the Property. The County <br /> and HHOC further agree to comply with the provisions of the Funding <br /> Agreement, dated July 1, 1996, attached hereto and made a part of this <br /> Agreement (Exhibit B). <br /> 5. Miscellaneous Provisions. <br /> a. Termination of Agreement. The obligations of the parties hereunder <br /> and the specific obligation of HHOC to accept conveyance of the Property and <br /> construct a house thereon shall terminate upon the completion of the sale of the <br /> Property to a homebuyer. Continuing obligations of the homebuyer shall be contained <br /> in the note and deed of trust to be recorded at the time of closing of the sale of the <br /> Property. Notwithstanding the foregoing, the parties hereto may terminate this <br /> Agreement at any time by a mutual agreement to that effect in writing. <br /> b. Default, Remedies. This Agreement may be terminated by a non- <br /> defaulting party upon an event of default hereunder, after written notice thereof is given <br /> giving the defaulting party thirty (30) days in which to cure the default. As used herein, <br /> the term "an event of default" shall mean and refer to a breach of any of the terms of <br /> this Agreement including a failure to meet the time limitations contained in this <br /> Agreement and a failure to act as required by this Agreement by either party with <br /> respect to any undertaking, obligation, covenant or condition as set forth in this <br /> Agreement which the defaulting party has not cured. With respect to any event of <br /> default, the non-defaulting party may exercise any right available to it at law or in equity <br /> with respect to such default. <br />
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