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incompetence or death of one or more individuals constituting the Homebu er, so long as the transfer give written notice supported by reasonable evid en of such event to the Agency within thirty days of its occurrence and the transferee(s) assume the Hom buy r' obligations under this Agreement, by execution of an assignment n d assumption are men t to be provided by the Agency, or a sale or transfer which under federal law would not, by itself, p n it the Agency to exercise a due on sale or due on encumbrance clause; (H) The Homebuyer refinances an purchase money first lien or other permitted encumbrance to which the Agency Deed of Trust (as hereinafter defined) is subordinate a ash such lien, a "First Lien") for a loan amount in excess of the then current loan balance secured by such lien or encumbrance and loan closing costs; and/or X11 The Homehu r (arid all co-signors and co-mortgagors, if an fails to own and occupy the Property as their principal residence pursuant to Section 7 or is in Ownership Default defined in Section 1 under this Agreement. At the request of the Homebuyer, and for a specific occasion, the Agency may, i n its sole and absolute discretion, in writing waive the requirements of this subparagraph f and defer repayment and/or extend the term of the Dote. Any waiver or deferment s h all be on a case by ease basis, and no future rights for waiver or deferment shall arise or be implied. Notwithstanding the foregoing, the Hornebo er may, upon prior written approval by the Agency, refinance any First Lien for a loan amount equal to or less than the then current loan balance secured by such First Lien. g. Homebu e r Assistance Loan Repayment. If there is an event of acceleration prior to the forty- fifth 4th Anniversary of the date of the Promissory Note, the H mehu rer shall repay the Homebu er Assistance Loan in accordance with this subparagraph (g). In the event that no event of acceleration occurs prior to the forty-fifth 4th Anniversary of the date of the Promissory Note, the full amount of the Promissory Dote shall be forgiven, and there shall be no further obligations hereunder. (i) Note mount Due In Full. The whole of the Mote Amount shall be due in full when an event of acceleration occurs. After paying all costs and fees relating to the transaction, if any such as escrow fees, transfer taxes, recording fees, brok rag ornmissions and similar costs), the proceeds of any such transaction or} in the case of any event of acceleration other than a sale, the appraised value of the Property) shall be distributed or applied in the follower r order of priority: {A} Repayment of the First Lien; (B) Repayment of other pre - approved subordinate lien(s), if any, as and in the lien r ordi n priority that such liens were approved by the Executive Director pursuant to Sections 1.2(i) and 14; (C) Repayment to the Agency of the Homehuyer Assistance Loan Amount; and ATTACHMENT INTO. l 1-4 Form of Homehu er Loan Agreement DoO1473vl4/27 -000 1