Agenda - 10-16-2001-8f - Laserfiche WebLink

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Frogmen ivveetment wiE be secured by a furry (40) year De d of Must and Promissory Nole, forgivable at the end of 40 years. This Dced of Trust avd ProrWSSOry Note shall covsOwte a lien an ^re Property, second vvly ro the Dttlemtion ¢f ReetrlGive Covmmts descrlbedin paragraph 4 of this Aecaemmt, with We County es the eamcd party/beveficiary. The Cowty ogees to suboMimrm its Deed of lriiet lien to a Ilm reeuring odrm pdvatq lust-time pemmnmt r"A"civg acgWredby the horvebuym. l.3 The period of atPordabihty will be 99 years and will be seemed by a Dttleretion of liesnictlve Covenants that will incoryomtc a right of fire refvaW that may be exercised by EmPOWHRment md/m Orange County. 1.4 P.mYOWERmmt entl/or its buyers shell be responsible £ seeming Pcrrvavent mortgage 5vmcing for We homes. LS HmPOWHRmmI is responsible for verifying the income a£ the homebuycre, explaining the second mortgage prog eo potmnW bomebuyers and cernrying by written docummtanon signed by the homcbuyerthat Ne progam requirements have been fully explained. P,mPOWERmmt shall maintain purchaecf files as pare of its Books and Records as required and for the period of time required by Sedion fi.c, af[M1is Agcemmt 2. Time far Cammmnemenl antl Completlon. )n ¢ddition, EmPOWERmen[ agrees to f 'sh W tM1e County a copy of ite armuW audit, perfermN by a ecnified public ecommvt within 90 days of the end of the Fiscal year of exprnditure of the HOME PrpgmmFLVding.. The Pmjxt completion daft is Nc closing dare n£ the purchase by a qualiflW buyer of the last oP the flue uwta to bewvstrucmd. In the event that EmPOWERmrnt Is unable w pmcoed with my aspect of Ne Project m a timely m m, and County and EmPOWERment de[mminc that reesovable extmsiev(e) for completion will not remedy the sitvatioq they the Termination of Agreement provieiona of this Agreement (Smion 6.aJ eM1all pertain. HmPOWERmcnt may, al its vpfion, submit a wnnm request far a delay of completion for Comty approval. The County may, at ite opfloq approve any delay in the completion date m declare SmPOWHRment W defaWt. P.mPOWHRmmt shall monitor the constmcted units for ef6rdability for We period of affordability -ninety-rdne (99) yesm. Final contract cample[ien date shall be tM1e latest and d¢te of Wl sssumd mil affordability periods. 3. AHOrdubility Regwrement, tech wtit must remain aH'oNable far a period of ninety- vine years. E~nPOWBRment retains full responsibility for complimce with the affordability requvemevt for assists units, valves affordability reatricuons ar terwmted due to Ne sale of Ne Propety m aeon-qualified buyer in which event the Resale Provisions of Sec0on 4 of Ibis Agreement pertain. EmPONBRmcnl shall assure compGmce with affordabdiry of aesiei q units by Laving recording at the time it sells