80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J

Home Browse Search

or' other'~vise conveys the Prapetty to Bliible Persons acid Famrlres, and the purchaser assurrres this Note acrd the Agreerrrent by are assignment and assut~ption agr•eet~et~t which is r`easanably acceptable to the Halder~ 9,1 Affar~a~~e Hausi~~g os# - i1~nrle~•~te ~~~eo~ne Hurrse~~o~d, Tire mal~er4 has ~ualifed ~ at~d eael~ eligible a~ad gr~alified successor-in-interest to tl~e Maker' shall be a person ar family of Moderate Incoi~le, Tl~e term "Affor"dable Housi~~g ast'~ a used l~e~~ein and far each Moderate It~came Hamebuyer ~at~d alI sr~ecessar`s tl~er`eta d~u,i~~ tine Affordability Period} shall be as defined ire Health Safety bode Sectior15~0~2,~ far its successor statute and the itrrplerrrentrng r'egulafions thereto promulgated by the Hor~si~~ at~d Cam~rrunity Develop~r~ent I]eparttrrent of the State of alifornia~ prodded, l~o~vever, that the term Affordable Ho~~sir7 Cost shall include Monthly Housing host as defined in Sectiol~ h9~~ of Title ~5 of tl~e Regulations. Not~vithstandi~lg tide px'a~iiax~s a this Section 9r ~ ~ if the Property i~ sold d~~rrrig the Affor`dabili#~ Per'iod by tl~e maker to a Moderate Income Household, ar~d the Sales Price does not exceed ate "Affordable I-Iausing host" to such Buyer, then so long as the Maker is not in default neither ~~~nersl~ip ~]efal~lt and~oz~ mait~te~~ance Dfa~rlt} aftl~e Agr'eemet~t, this Note ray be asr~med by tl~e eligible Brryea~ by ate assig~~t~e~~t and ass~~rnptiar~ agreeruent 4~hrch rs r`easanably acceptable to the Holder, Upotr the effective date of such assigr~~rrent and assutnptiot~, the assigning Maker' shall na lodger be liable far any further obligations l~t~der the Agreei~]I~t Or' tllrs Note that aCCrr~e after` tl~e date of txCh assrgnn~ent and ass~~mptlor~, In order` to verify the Buyer's status as a moderate Inca~~e Hausel~old, tl~e faker shall subrrrit to the Holder` tl~e ldentrty of tl~e proposed Buyer old .dequ.te rnfar'n~atran evrdel~crng the lncarne and l~o~~sehald sire of tl~e proposed Buyer, Sard rrrcome rnfarmatiot~ shall be subr~rrtted together ~vith the notice of proposed sale pursuant to Seetia~~ ~ of the Areen~e~~t xaot less than thir`#y ~0} days prior to opening of escrow for the proposed sale and sl~ail inciude orrgrnal vr' tr'~~e copies of pay stubs, income tai records or other f ~nancral documents rn order that the Haider may verify the laousel~old income of the proposed B~ryer to determine whether` the Buyer is a Moderate It~carne Hauselrold, and whether rile Property is being trat~sferr`ed to s~zcl~ B~ryer~ at an Affordable Housing host. If the Holder is unable to verify the Buyer's inca~~ne as prodded lrer'eirr prior to tine pr`apased sale the~~ the Buyer's it~carzle shall be deemed to exceed rite rr~axirt~urri alla~vable itrcome limit for Bligible Persons and Families, ~0, eeu~~ity fo~~ ~o~e, This Nate shall be sec~u`ed by a subordinate deed of tr~~st acrd rider tl~e~'eta of e~ren date ller'e~vitl~ encumber`in.g the Pr'oper•ty ~tl7e "Agency ]deed of Trust"~, e~ec~~ted by the maker', as tr'ustor', rn favor of the Holders, as beneficiary. 11, Prepay~nelit of Nute, The Maker trray prepay this Note to the Holder, provided that a~~y prepayrrrent must be in fall and trot in pa~~, Pr`epayrnent shall be treated in the same ~nar~r~er` as refir~atrcrrlg of the Propet'ty, In any event, the Affordable Hauling Resale Restrictions shall cantirl~~e in f'irll farce ar~d effect, notwithstanding such prepayn~ent~ 12, ~3oYt~er IViay Assrrr, The Holder ray, at its option, assign its right to receive pa~yr~errt utrder this Note rtha~rt necessrt}' of abtalnrng the consent of the Nlal~er~~ B~HIBIT B„~ T A.TTAH.BNT 11 Protnissory Note Da~Sa~~1~0~~'3~~1312~~272-~~~1