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modified so as to conform with said Grant Agreement and aforesaid <br />Development Agreement regulations. <br />2. Deed. At closing of the first sale of each <br />Low- income House, the Corporation shall execute, acknowledge, and <br />deliver to each Buyer a general warranty deed conveying fee simple <br />title' to the applicable Low- income House free and clear of all <br />encumbrances except those ordinary and customary encumbrances which do <br />not adversely and significantly affect title to the said Low- income <br />House, including but not limited to the Restrictive Covenants, <br />standard utility and right of way easements, the lien for the then <br />current year's ad valorem taxes, and those other encumbrances <br />described in this Agreement. <br />3. Lien Waivers. At closing of the first sale of <br />i <br />each Low- income House, the Corporation shall execute and deliver <br />appropriate lien waivers reasonably satisfactory to a title insurance <br />company as may be required for a standard title insurance policy <br />insuring the interest of- the Permanent Lender under the Permanent <br />Lender's Lien. <br />4. Shared.Pmity Agreement. The Town and each Buyer <br />shall enter into a Shared Equity Agreement. Each.Buyer shall execute <br />and deliver a memorandum of the rights granted in the Shared Equity <br />Agreement and deed of trust in material accordance with Exhibit N, <br />attached to and incorporated into this Agreement by reference, the <br />purpose of said deed of trust being to give Buyer's Low- income House <br />as security for Buyer's performance of his Shared Equity Agreement. <br />5. Town's Note and Deed of Trust. The loan from the <br />Town to each Buyer described in Paragraph V.A.2. will be evidenced by <br />- 1s - <br />