HABITAT FOR HUMANITY (6) - Laserfiche WebLink

Home Browse Search

' T written approval accomplished in strict conformity with Section 4 of the Agreement, or (13) the transfer of the Property solely as a result of the marriage, divorce, incompetence or death of one or more individuals constituting the Homebuyer, so long as the transferee(s) give written notice supported by reasonable evidence of such event to the Authority within thirty (30) days of its occurrence and the transferees) assume(s) the Homebuyet's. obligations under the Agreement, by execution of an assignment and assumption agreement to be provided by the Authority, or (C) a sale or transfer which under federal law would not, by itself, permit the Authority to ! exercise a due on sale or due on encumbrance clause; !� (b) the Maker refinances any purchase money lien or encumbrance to which the Authority Deed of Trust is subordinate (each such lien, a "First Lien") for a loan amount in excess of the then cut-rent loalt balance secured by such lien or encumbrance and loan closing costs; and/or (c) the Maker (and all co-signors and co-mortgagors, if any) fails to own and occupy the Property as their principal residence pursuant to Section 7 of the Agreement or is in Ownership Default as defined in Section 18 of the Agreement. At the request of the :[Maker, and for a specific occasion, the Holder may, in its sole and absolute discretion, in writing waive the requirements of these subparagraphs and defer repayment and/or extend the term of this Note. Any waiver or deferment shall be on a case by case basis, and no future rights for waiver or deferment shall arise or be implied. Notwithstanding the foregoing, the Maker may, upon prior written approval by the .Holder, refinance any First Lien for a loan amount equal to or less than the then current loan balance secured by such First Lion. 7. Reserved. 8. Right of First Refusal. Homobuyer shall notify the Holder of any desire to sell the Property immediately. Homebuyer shall also immediately notify Developer (Habitat for Humanity of Orange County) as required by the terms of the Agreement and documents executed between Homebuyer and Developer provide Developer an option and the tight of first refusal to purchase the Property. 9, Sale to Low/Moderate Income Household at Affordable Housing Cost. During the Affordability Period., the Note will not become due and payable in connection with such sale, if the Maker sells or otherwise conveys the Property to Eligible Persons and Families, and the purchaser assumes this Note and the Agreement by an assignment and assumption agreement which is reasonably acceptable to the Holder. 9.1 Affordable Housing Cost—Low/Moderate Income Household, The Maker has qualified as and each eligible and qualified successor-in4riterest to the Maker shall be a person or fai nily of Low/Moderate Income. The term"Affordable Housing Cost"as used herein and for each Low income Homebuyer (and all successors thereto during the Affordability Period) shall be as defined. in Health & Safety Code Section 50079.5 (or its successor statute) and for the Moderate Income Homebuyer (and all successors thereto during the Affordability Period) shall be as defined in Health & Safety Code Section 50052.5 (or its successor statute) gild the implementing regulations thereto promulgated by the Housing and Community Development Department of the State of California,provided,however, that the tern?Affordable Housing Cost shall include Monthly Housing Cost as defined in Section 6924 of Title 25 of the Legislations.