HABITAT FOR HUMANITY (6) - Laserfiche WebLink

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Notwithstanding the provisions of this Section 9.1, if the Property is sold during the Affordability Period by the Maker to a Low/Moderate Income Household, and the Sales Price does not exceed an "Affordable Housing Cost"to such Buyer, then so long as the Maher is not in default (either Ownership Default and/or Maintenance Default) of the Agreement, this Note may be assumed by the eligible buyer by an assigmnent and assumption agreement which is reasonably acceptable to the Holder. Upon the effective date of such assignment and the assi ain Maker shall no longer be liable for an further obligations under the assumption, � g g y g Agreement or this Note that accrue after the date of such assignment and assumption. In order to verify the Buyer's status as a Low/Moderate; Income Household, the Maker shall submit to the Holder the identity of the proposed Buyer and adequate infortnation evidencing the income and household size of the proposed Buyer. Said income information shall be submitted together with the notice of proposed sale pursuant to Section 2 of the Agreement not less than thirty (30) days prior to opening of escrow for the proposed sale and shall include original or true copies of pay stubs, income tax records or other financial documents in order that the Holder may verify the household income of the proposed Buyer to determine whether the Buyer is a Low/Moderate Income Household, and whether the Property is being transferred to such Buyer at an Affordable i Housing Cost. If the Bolder is unable to verify the Buyer's income as provided herein prior to the proposed We, then the Buyer's income shall be deemed to exceed the maximum allowable j income limit for Eligible Persons and Families. I.Q. security for Note. This Note shall be secured by a subordinate deed of trust and rider thereto of even date herewith encumbering the Property (the ".Authority Deed of Trust"), executed)by the.Maker, as Trustor,in favor of the Holder,as beneficiary. i 11. Prepayment of Note. The Maher may prepay this Note to the Holder, provided j that any prepayment must be in full and not in part. Prepayment shall be treated in the same manner as refinancing of the Property. In any event, the Affordable Housing Resale Restrictions � shall continue in full force and effect,notwithstanding such prepayment. .12. Holder May Assign. The Holder may, at its option, assign its right to receive payment under this Note without necessity of obtaining;the consent of the Maker. 4 13. Maker Assignment Prohibited. In no event shall the Maker assign or transfer � any portion of this Note;, the Note Amount and/or the Agreement without the prior express � written consent of the Holder, as provided in Section 9. 14. Joint and several. The undersigned, if more than one, shall be jointly and severally liable hereunder. 15. Attorneys' Fees and Costs. In the event that any action is instituted to enforce payment under this Norte, the parties agree the non-prevailing party shall be responsible for and shall pay to the prevailing party all court costs and all attorneys' fees incurred in enforcing this Note. 16. Amendments. This Note may not be modified or amended except by an ` instrm-nent in writing expressing such intention executed by the parties sought to be bound thereby, which writing must be so firmly attached to this Note so as to become a permanent part thereof. E I E I