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t <br />.31 <br />The above- described financing shall be secured by a deed of trust <br />which shall be a second to any Permanent Lender's Lien. <br />If the Town sells a Low - income House for more than the amount <br />which the Town most recently paid for said Low- income House, the <br />amount of the sale price in excess of the Town's latest said purchase <br />price shall be deposited into the Trust for disbursement as described <br />in this Agreement. <br />Nothing in this Agreement shall be construed to require the <br />Corporation to arrange for Permanent Lenders' and /or NCHFA loans to <br />help finance resales of the Low- income Houses. <br />C. Documents. <br />1. Purchase Contract. The Town shall consummate its <br />Low- income House sales in material accordance with the terms of a <br />Purchase Contract; however, the parties agree that said Low - income <br />House sales must be in accordance with a Grant Agreement between ECD <br />and Orange County dated April 23, 1990, and a Development Agreement <br />between the Corporation aro Orange County dated April 30, 1990. Thus, <br />the parties further agree that, in the event of any divergence between <br />this Agreement and said Grant Agreement and /or Development Agreement, <br />this Agreement shall be modified so as to conform with said Grant <br />Agreement and aforesaid Development Agreement regulations. <br />2. Deed. At closing of each Town sale of a <br />Low - income House, the Town shall execute, acknowledge, and deliver to <br />each Buyer a general warranty deed conveying fee simple title to the <br />applicable Low- income House free and clear of all encumbrances except <br />those ordinary and customary encumbrances which do not adversely and <br />significantly affect title to the said Low - income House, including but <br />=W*AC <br />