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not limited to the Restrictive Covenants, standard utility and right <br />of way easements, the lien for the then current year's ad valorem <br />taxes, and those other encumbrances described in this Agreement. <br />3. Lien Waivers. At closing of each Town sale of <br />each Low- income House, the Town shall execute and deliver appropriate <br />lien waivers reasonably satisfactory to a title insurance company as <br />may be required for a standard title insurance policy insuring the <br />interest of the Permanent Lender under the Permanent Lender's Lien. <br />4. Shared- EcfuitV Agreement. At closing of each Town <br />sale of a Low- income House, the Town shall purchase from each Buyer of <br />each Low- income House, for the Town's use described below, a share of <br />the equity and appreciation of the Low- income House then being <br />purchased and rights of refusal to buy said Low- income House; and the <br />t <br />Town and each said Buyer shall enter into and record in Orange County <br />an agreement related thereto in material and accordance with the terms <br />of a Shared Equity Agreement. At said closing, said Buyer also shall <br />execute and deliver a memprandum of the rights granted in the Shared <br />Equity Agreement and a deed of trust in material accordance with the <br />terms of Exhibit N, the purpose of said deed of trust being to give <br />Buyer's interest in said Low- income House as security for Buyer's <br />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 VII.B. will be evidenced by <br />a separate note and deed of trust, said note being payable with <br />interest as described in the note in Exhibit G (i.e., Loan Documents). <br />6. Other Lenders' Forms. At closing of each Town <br />sale of a Low- income House, the parties intend that each Buyer shall <br />- 23 - <br />