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b. The County and the Towns agree to consult with the CHT staff to prior to <br />implementing policies or regulations that will impact CHT's work. <br />5. Operating Guidelines <br />a. Unrestricted Fee Simple Deed of Trust <br />The Towns and the County agree to allow use of an unrestricted fee simple deed <br />of trust on CHT properties to facilitate greater lending options to CHT buyers. If a <br />CHT home is foreclosed upon, the Towns and County agree to cancel all <br />affordability restrictions recorded against the property and the home would be <br />sold by the lien holder on the open market. <br />b. Resale of CHT homes <br />A CHT home subsidized by local or Community Development Block Grant funds <br />may be resold to households earning up to 115% of the AMI without a <br />requirement of repaying local funds. Homes sold to households earning up to <br />115% of AMI will continue to be required to maintain the affordability <br />requirements consistent with the elected bodies at that time. <br />CHT will notify the appropriate jurisdiction prior to exercising this provision and <br />will report the resale in its quarterly reports. <br />c. Selling CHT homes out of the affordable housing inventory <br />The Towns and the County acknowledge that there could be properties that the <br />CHT would want to sell from its inventory. Prior to selling a home out of its <br />inventory, the CHT would consult with the appropriate jurisdiction(s) to discuss <br />the challenges of the property and options for consideration (i.e. subsidy <br />repayment, legal implications with Special /Conditional Use Permits The Towns <br />and County agree that the Managers shall have the authority to approve sale of <br />homes outside of the affordable housing inventory and will notify its elected <br />officials. <br />Section IV. Execution <br />A. The County and Towns have signed this Agreement, and all governing boards have duly <br />approved this Agreement and pursuant to such approval and the proper officials having <br />signed this Agreement, the parties hereto agree to be bound by the provisions herein set <br />forth. The terms and provisions of this Agreement are authorized by applicable laws and <br />regulations. <br />The County and the Towns have authorized this Agreement to be duly executed under seal and <br />have set their hands and seals on the day and year specified below. <br />