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uct- YS -Zuul U4124in t1ul. <br />MOY124O7 ?ACE 444' <br />Eligible Replacement Property <br />• Applicants can purchase any eligible prgperty within the Orange County corporate limits. <br />• The rcplgeemertt property must be located outside of the floodplein. <br />• The replacement home must meet mini" um housing code standards, <br />• L.can Terms <br />All supplements shall be in the for of a do[arred loan. All Dofoned Loans shall be. secured by a <br />Deed of Trusr. The Deferred Loan will be ecurcd against the property for a period or ten years <br />As long as the homeowner does not sell the property and continues to occupy the property as the <br />primary residence within the ten -year peri the lien will be automatically released. After the <br />fifth year, tho loan will be forgiven at a rate f 20% per year for the five -year period. In tfie event <br />the homeowner sells, transfers or no long r occupies the property as their primary residence <br />within the ren.yoor period, the loan will bee me due and payable. <br />