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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />II. AMOUNT OF BOND FUNDS /LOAN TERMS <br />A. Amount. The County shall make available to the Owner up to Nine Hundred and <br />Twenty -five Thousand dollars ($925,000) pursuant to this Agreement. Said funds shall <br />be disbursed by the County to the Owner for performance of the services described in <br />Exhibit B. <br />1. Owner shall sell the newly constructed dwelling units to qualified buyers each whose <br />income is as provided in Section I.B.2. <br />2. The Bond Funding provided by County will be provided to Owner as a deferred <br />second mortgage transferable to the individual families at the time of sale to them. <br />The investment will be secured by a forty (40) year Deed of Trust and Promissory <br />Note, forgivable at the end of 40 years. This Deed of Trust and Promissory Note shall <br />constitute a lien on the Property, second only to the Declaration of Restrictive <br />Covenants, the form of which is attached as Exhibit D and hereby incorporated into <br />this Agreement, and described more particularly in Section VI below (hereafter <br />"Declaration "), with County as the secured party/beneficiary. The County agrees to <br />subordinate its Deed of Trust lien on the Property to a lien securing private <br />construction financing acquired by Habitat in order to complete the project. <br />3. At the time of closing of the sale of each of the dwelling units to a homebuyer, Owner <br />shall repay County, $ 38,542 in the form of a credit to the homebuyer, or the <br />applicable amount if the amounts were disbursed according to area median income of <br />the buyer. The credit to the homebuyer shall be documented by a Promissory Note <br />from the homebuyer to County which note shall be secured by a Deed of Trust on the <br />Property naming County as beneficiary. County agrees to subordinate its Deed of <br />Trust lien to a lien securing private permanent financing acquired by the homebuyer. <br />4. The Period of Affordability will be 99 -years and will be secured by a Declaration that <br />will incorporate a right of first refusal that may be exercised by Habitat and the <br />County. <br />5. Habitat is responsible for soliciting buyers for the dwelling units constructed on the <br />Property. Habitat and /or its buyers shall be responsible for securing permanent <br />mortgage financing for the homes built on the Property. <br />6. Habitat is responsible for verifying the income of the homebuyers, explaining the <br />second mortgage program to potential homebuyers and certifying by written <br />documentation signed by the homebuyer that the program requirements have been <br />fully explained. Habitat shall maintain purchaser files as part of its Books and <br />Records as required and for the period of time required by Section VIII.B.3 of this <br />Agreement. <br />B. Progress Payments. Habitat may not request disbursement of funds under this Agreement <br />3 <br />