Agenda - 12-03-1990 - Laserfiche WebLink

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loaned to a subsequent Buyer in order to qualify him for a loan from a Permanent Lender so as to be able to afford a Low - income House (except the monies contemplated for loans pursuant to Paragraph VII. B.(a) of this Agreement, which monies shall be retained in the Town's Housing Loan Trust Fund pending allocation pursuant to this Agreement), then any said funds not so loaned shall be deposited into an interest- bearing bank account maintained by a financial institution mutually designated by the Town and the Corporation; provided, however, that, if the Town' has purchased a Low - income House, it need not deposit its Equity and Appreciation Share of said Low- income House (namely, the share received pursuant to the latest applicable Shared Equity Agreement) until said Low- income House is resold, in which event the amount to be deposited related thereto shall be the amount equal to said Equity and Appreciation Share less the amount loaned pursuant to Paragraph VII.B.(b) of this Agreement for said Low - income House: less any difference between the Town's latest and the latest Buyer's purchase prices Ifor said Low- income House. Except as otherwise provided in this Agreement and so long as this Agreement remains in effect, the bank account and the Town's Equity and Appreciation Shares shall be used solely as funds to be loaned to Low- income Persons pursuant to the terms of similar low- income home - ownership programs so as to enable said Low - income Persons to qualify for a loan from a Permanent Lender and to purchase a Low - income House or, if none, similar housing. If this Agreement is terminated, said funds shall be used in a manner directed by the Corporation and only for the public purpose of promotion, development, improvement, preservation, or sale of housing for Low- income Persons. - 25 -