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Agenda - 12-03-1990
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Agenda - 12-03-1990
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11/8/2017 10:10:05 AM
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BOCC
Date
12/3/1990
Meeting Type
Regular Meeting
Document Type
Agenda
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BE <br />(f) arrange for 15 NCHFA mortgage credit <br />certificates, said certificates being contemplated, but not required, <br />to be allocated to the 15 first Buyers who obtain their First Mortgage <br />Loan pursuant to Paragraph V.A.1.(c), with said certificates being in <br />a form materially similar to those attached to, and incorporated into, <br />this Agreement as Exhibit K. <br />Nothing in this Agreement shall be construed to require the <br />Corporation to pay Buyers' closing costs and /or discount points <br />payable in connection with their loans. <br />The purchase price of the Low- income Houses and any other monies <br />paid by Buyer to the Corporation at closing on the first sale of each <br />Low- income House shall be the sole property of the Corporation. <br />2. Town's Duties. At the closing of the first sale of <br />t <br />each Low - income House, the Town will provide $14,000.00 financing for <br />each Buyer's purchase of a Low- income House in material accordance <br />with the terms of the Loan Documents, said financing being secured by <br />a second deed of trust, jup6i.or only to the Permanent Lender's Lien. <br />B. Documents. <br />1. Purchase Contract. The Corporation and the Town <br />agree that Low- income House sales shall be consummated in material <br />accordance with the terms of a Purchase Contract; however, the parties <br />further agree that said Low- income House sales must be in accordance <br />with a Grant Agreement between ECD and Orange County dated April 23, <br />1990, and a Development Agreement between the Corporation and Orange <br />County dated April 30, 1990. Thus, the parties further agree that, in <br />the event of any divergence between this Agreement and said Grant <br />Agreement and /or Development Agreement, this Agreement shall be <br />- 14 - <br />
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