Agenda - 11-19-2001-8e - Laserfiche WebLink

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of Tms4 wd Ihnmissary 6ute shall consdNN a lien on rho Property, second Duly N the Dedaraliov o[ Rernietivc Covenants deecribed N pemgmph 4 of this Agreemeru, with the Convry az Na secumd perry/benefieiary. The CQVnry agrees 4 subordinate its Deed nf'Rust lien N a lice ecemivg privatq fitat-lima pemianan[ flnendng obminad by the Tows, Lm. at the time of purchase. L3 "Che peeiod of atTQrdabiliry will be 99 yeses and will be secured by a Declaration of Res[ticdve Covenmts that will mcosporate a righl of fire[ mfusal that may be encmiscd by the Towm mNOr Ormge Couvry. 1 4 Tlm Towm ehnll mvke certtin [hut the seller is aware oC their rigb4s under the Cedeml Lnifortn 4elnca4ion Act prior N wmpluive threale ofthe property. The eellu mne[ vlso cnmpletea Iced Based Paint DiscWsorc Form ifthepmpeny was buihprior m 19'18. 1.5 The pmpetry CO be acquhed must have a valve that does wt exceed v5% of [be arse median nnrebese odes Por that typeaPhousing. Value must be ostebliahcd by one of We following methods: An appraisal by a gnalificd appraiser.. v. Tax assessments may be used N establish valve, but Duly iC they em cu,ram and can be wmputed at lOq% of market value. L6 An annual cen[al opemti0vs budget must be submitted N dm Ceimty each year at leas[ euty anys Prior N the lhly 1 begiming date for the Oscal ywr. Purtbeq nn[ mom lbw 9D days aflcr the end of each fiscal yeaq The Town must famish m the Connty m ammal Quoting QC income and czpenees Por each dwallivg unit. The operating assumptiuns allowed at the time ofinitiativn o[ tbls proJeet incNding eeosonable rent ivcmases will be cceptable 6r furore budgets ¢nd reports. Any excess cash Claw must be tenoned to the Connty wiNin 9Q days of the and of the Lscal year foe d<poslt Nm the lQ<nl HOME Program Trost Pund for me in future afford¢ble housingprojecla. L9 The Tewn agrees N leaeethe property to femdie whose income does not extend 5p% Qf the area median income by Gmily sing as deterrswred by the C.9. Dapnttment of Horsing and urban Dcvctopment and as mended-from time to time. Monthly rents must estlblieF in wrdance with HONH Program guidelines. Residenuvl leases wilt not exceed ou yea in term. Th<Project must m[cause displacement of existing tenants. 1,fl The TOWn is responsible Por vevfyivg the inwma o[pwspcc[ive tenants end mainNiNng eligibility data. The Town shall maintain tenant flies ae pert of its -QOks end Records az regdmA eM fartbeperied oftima mquirad by Section Sc. of Nis AgroGnmt. The Tawn must pcovide the eawty av initial owupanay report verlfyivg the Ivcomedigbiliry o[all tenants at lire time of initial leaso-up. Each year thercaIler The 9'own mast Nmish Ne Cwnry whh m ntmual report ov the projeq by luly 3l of such year exti[yivg that all mnavtx earn less then 811% of Ne area mediev mcomn by family size, as demrmlved by