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1 <br />VII. Resales of Low - income Houses. <br />A. Exercise of Right of First_ Refusal. Whenever a Buyer <br />presents to the Town a bona -fide offer to purchase any interest in <br />Buyer's Low- income House, the Town will exercise its right of first <br />refusal as described in said Buyer's Shared Equity Agreement, <br />notwithstanding the fact that its exercise of said right of first <br />refusal pursuant to the terms of said Shared Equity Agreement appears <br />to be optional. (The parties' rationale for including a right of <br />second refusal in the Shared Equity Agreements for the Corporation is <br />to ensure that the Corporation will receive prompt evidence of the <br />Town's failure to perform according to this Paragraph and an <br />opportunity to mitigate its damages arising therefrom.) The Town then <br />will sell said interest in the Low- income House so purchased to a <br />t <br />Buyer who is a Low- or Very Low- income Person with the applicable <br />income level specified by Paragraph IV of this Agreement and who will <br />make the purchase pursuant to the terms of a Purchase Contract and <br />Shared Equity Agreement, materially in the form of Exhibits F and H <br />attached to and incorporated in this Agreement by reference. <br />B. Financing. At each Town resale of a Low- income House <br />to any Low- income Person(s), the Town will sell the Low- income House <br />either at a price in its discretion or at a price less than the then <br />current, applicable NCHFA loan house price limit (or, if NCHFA <br />discontinues publishing said amount, then the amount published by a <br />comparable lender) if the Buyer needs NCHFA financial assistance in <br />order to purchase the Low- income House; and the Town will finance said <br />resale of each Low- income House according to terms contained in the <br />Resolution and Loan Documents in this sum: <br />wit= <br />