Orange County NC Website
(a) a portion of $14,000.00 (said portion being based <br />on the year of resale of the applicable Low- income House as described <br />in the Resolution and Exhibit 0 attached to, and incorporated into, <br />this Agreement) plus <br />(b) the Equity and Appreciation Share allocated to it <br />pursuant to the terms of the latest Shared Equity Agreement concerning <br />the applicable Low- income House plus <br />(c) interest earned on the Town's latest Loan <br />Documents concerning the applicable Low - income House plus <br />(d) any amounts held in Trust by the Town for said <br />purpose. <br />Notwithstanding the foregoing, if the Town sells to a Buyer a <br />Low - income House at a price less than the Town's latest purchase price <br />i <br />of said Low - income House, then the amount to be loaned pursuant to <br />Paragraph VII.B.(b) of this Agreement shall be reduced by said <br />-difference between the Town's and the Buyer's said purchase prices. <br />Further notwithstanding the foregoing, the Town may loan to a <br />Buyer at said resale a lesser amount than that described above if said <br />lesser amount is all that is necessary to assist a Buyer to be able to <br />afford a Low- income House (provided that any difference be held in <br />Trust for future financing needs of potential Buyers, and provided <br />further that, if interest earned on the Town's original $14,000.00 <br />loan is unnecessary to assist a Buyer to be able to afford a <br />Low - income House for one year after its deposit into Trust, said <br />interest may be disbursed to the Town at its request and for deposit <br />into its Housing Loan Trust Fund). <br />- 21 - <br />