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3 <br /> construction financing acquired by EmPOWERment in order to complete the <br /> project. <br /> 3. EmPOWERment agrees to sell the home to a qualified buyer whose income <br /> does not exceed 80% of the area median income by family size, as determined <br /> by the U.S. Department of Housing and Urban Development and as amended <br /> from time to time. At the closing of the sale to a homebuyer, EmPOWERment <br /> shall repay the County $16,000 in the form of a credit to the homebuyer. The <br /> credit to the homebuyer shall be documented by a promissory note from the <br /> homebuyer to the County which note shall be secured by a deed of trust on the <br /> Property naming the County as beneficiary. The County agrees to subordinate <br /> its lien on each lot to a first lien securing private permanent financing acquired by <br /> the homebuyer. The period of affordability for HOME funds in accordance with <br /> the Act, its regulations and State Program Requirements shall be 20 years from <br /> the date of execution of this Agreement. The default interest rate shall be 7% <br /> per annum. EmPOWERment shall provide to the County, prior to closing the <br /> sale of the Property to the homebuyer, documentation satisfactory to the County <br /> verifying the income of the homebuyer. <br /> 4. The County and EmPOWERment agree to comply with the Act, its regulations <br /> and State Program Requirements in the purchase and sale of the Property. The <br /> County and EmPOWERment further agree to comply with the provisions of the <br /> funding agreement, dated July 28, 1993, 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 EmPOWERment to accept conveyance of the Property <br /> and 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 />