AGENDA PACKET_2021-11-02 - Laserfiche WebLink

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EXHIBIT 2 misstat as an Eligible Person or Family; v.An uncured default in performance or breach by Borrower of any provision of this Agreement, the Promissory Note, the City Deed of Trust or the AffordabilityCovenants. (d) Excess Refinancing Proceeds.In the event that the First Mortgage Loan is refinanced, any Excess Refinancing Proceeds shall be paid out in accordance with City policy. (e)Returning Student Loan Forgiveness Incentive. Returning Students will be eligible for a loan forgiveness up to $40,000. Under this loan forgiveness incentive, $10,000 will be forgiven from the City Promissory Loan Amount every five (5) continuous years that the Returning Student remains in compliance with all termsand conditions of this Agreement and the Affordability Covenants. The maximum length of time for the Returning Student Loan Forgiveness Incentive shall beover a twenty (20) year period, up to a maximum of $40,000 forgiven from the City Promissory Loan Amount. In the event that the entire City Promissory Loan Amount is forgiven, the Term of Affordability shallnot be affected and shall remain enforceablefor the complete timeframedefined herein. 5.Nondiscrimination.There shall be no discrimination against or segregation of any person, or group of persons, on account of race, color, religion, sex, disability, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Property, or any part thereof, nor shall Borrower or any person claiming under or through Borrower establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of the Property. The provisions of this section shall be set forth in the Agreement Containing Covenants recorded against the Property. 6.Income Requirement. a.available to persons or families whose household annual income does not exceed 120% of the area median income for the City, adjusted for family at affordable housing cost for the longest feasible time, but in any event not less than Forty Five (45)years from the date of recording of the AffordabilityCovenants, provided that the Property remains habitable. a.Borrower represents and warrants to the City that the information b. for the City Loan is true, correct and complete as of the date such information was provided to the City and as of the date of this Agreement. If any such information changes prior to the close of escrow for the purchase of the Property, Borrower shall promptly notify the City of such change. Borrower acknowledges that the City is relying upon the representations made by 5