2017-207 HSG - Myrtle Williams - Assignment, assumption and transfer real property for Self-Help

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NRUI37IU199UI10II7IIIIII�IiIIIIVIIIIIIIN Program investment will be secured by a forty (40) year Deed of Trust and Promissory Note, forgivable at the end of 40 years. This Deed of Trust and Promissory Note shall constitute a lien on the Property, second only to the Declaration of Restrictive Covenants described in paragraph 4 of this Agreement, with the County as the secured party/beneficiary, The County agrees to subordinate its Deed of Trust lien to a lien securing other private, first -time permanent financing acquired by the homebuyer, 1.3 The period of affordability will be 99 years and will be secured by a Declaration of Restrictive Covenants that will incorporate a right of first refusal that may be exercised by EnROWERment and/ot Orange County, 1,4 EmPOWERment and/or its buyers shall be responsible for securing permanent mortgage financing for the homes, 1.5 EmPOWF,Rment is responsible for verifying the income of the homebuyers, explaining the second mortgage program to potential homebuyers and certifying by written documentation signed by the homebuyer that the program requirements have been fully explained. EmPOWERment shall maintain purchaser files as part of its Books and Records as required and for the period of time required by Section 6.c, of this Agreement, 1.6 Upon receipt of a request for HOME funds under this program, the County shall review all submitted documentation within ten (10) working days and provide in writing a preliminary response to the request. If the response is favorable and no further documentation is necessary, the County will notify EmPOWERment in writing of-the date funds will be available. If the County requests additional information, the request for information must be satisfied in full before the written notification of funding availability. Any new submission of material will trigger the ten (10) working days response timeframe outlined above. 2. Time for Commencement and Completion. In addition, EmPOWERment agrees to furnish to the County a copy of its annual audit, performed by a certified public accountant within 90 days of the end of the fiscal year of expenditure of the HOME Program Funding. The Project completion date is the closing date of the purchase by a qualified buyer of the last of the ten units to be purchased. In the event that EmPOWBRment is unable to proceed with any aspect of the Project in a timely manner, and County and EmPOWERment determine that reasonable extension(s) for completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. EmPOWERment may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or declare EmPOWERment in default.