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b. Assignee hereby assumes the Authority Loan Documents, and agrees to be <br /> bound by and subject to the provisions of the Authority Loan Documents. <br /> C. Assignor and Assignee agree that the assignment and assumption is subject <br /> to the terms and conditions set forth herein. <br /> d. This Assignment shall be construed and interpreted in accordance with the <br /> Authority Loan Documents. All defined terms in the Authority Loan Docuuents shall apply to <br /> this Assignment, unless specifically modified herein. <br /> 4. Authority Consent. <br /> a. Authority hereby consents to the transfer of title to the Unit to Assignee and <br /> the assignment and assumption of the Authority Loan Documents based on terms and conditions <br /> set forth herein. <br /> b. In consideration for the Authority's consent provided hereunder, Assignee <br /> agrees to comply with all obligations of Assignor, and Assignee shall be considered the <br /> "Homebuyer,"Maker," or"Borrower"under the Authority Loan.Documents,except as specifically <br /> provided for herein. <br /> c. Assignee shall transfer the Property to an eligible"Low Income Household" <br /> or"Moderate Income Household" for an "Affordable Housing Cost," as required by the Authority <br /> Loan .Documents, including but not limited to the requirements of Section 4 of thereof for <br /> "Permitted Transfers." <br /> d. Prior to any such transfer, Assignee shall comply with the transfer process <br /> set forth in the Affordable Housing Resale Restrictions, including but not limited to the notice <br /> required to the Authority. The notice to the Authority shall include a current title report reflecting <br /> all matters of public record encumbering the Property. <br /> e. Assignee shall require the transferee to execute an assignment and <br /> assumption agreement, or new Authority Loan Documents, with recording in accordance with the <br /> Homebuyer Loan Agreement. <br /> f. The failure to complete a transfer to an eligible household within three <br /> hundred sixty (360) days from the date of recording this Assignment shall constitute a default by <br /> Assignee of the Authority Loan Documents. <br /> g. If Assignee fails to complete such transfer within the time period provided, <br /> the Authority shall provide a notice of default("Notice of Default"). If Assignee does not transfer <br /> the Unit pursuant to the Affordable Housing Resale Restrictions within(90)days of the date when <br /> the Notice of Default is delivered, then the Authority shall have the right to pursue any and all <br /> remedies available under the Authority Loan Docuutnents, including acceleration of any amounts <br /> due under the Promissory Note. <br /> 3 <br />