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or otherwise conv s the Property to Eligible Persons and Families, and the purchaser assumes this Dote and the Agreement by an assignment and assumption agreement which is reasonably acceptable to the Holder. 01 Affordable Housing Cost - Moderate Income Household. The Maker has qualified as and a ac h eligible and qualified successor-in-interest to the Maker shall be a person or family of Moderate Income. The term ` {Affordable House n g Cost'' a s used herein and for each Moderate Income Homebu r and all successors thereto during the Affordability Period) shall be as defined i n Health & Safety Code Section 50052.5 (or its successor statute) and the implementing regulations thereto promulgated by the Housing and Community Development Department of the State of California; provided, however, that the terra Affordable Housing Cost shall include Mo n t hl Housing Cost as defined in Section 6924 of Title 25 of the Regulations. Notwithstanding the provisions of this Section 9.1, if the Property is sold during the Afford abili ter Period by the Maker to a Moderate In o nn a Household, and the Sales Price does not exceed an "Affordable Housing Cost}' to such Buyer, then so loner 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 assignment and assumption agreement which is reasonably acceptable to the Holder. Upon the ff tl ire date of such assignment and assumption, the assigning Maker shall no longer be liable for any further obligations under the Agreement or this Dote that accrue after the date of such assignment and assumption. In order to verify the Buyer's status as a Moderato Income Household, the Maker shall submit to the Holder the identity of the proposed Buyer and adequate information evidencing the income and household size of the proposed Burr. Said income information shall be submitted together with the notice of proposed sale pursuant to SecLion 2 of the Agreement not less than thirty d a y prior to opening of escrow for the proposed sale and shall include original or true copies of pay stubs, income tax records or other f n a n c i al documents in order that the Holder may verify the household income of the proposed Buyer to determine whether the Buyer i s a Moderate Income Household, and whether the Property is being transferred to such Buyer at an Affordable Hou in a Cost. If the Folder is unable to verify the B u er x s income as provided her i n prior to the proposed sale, then the Buyer's income shall be deemed to exceed the maximum allowable income limit for Eligible Persons and Families. 100 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 "Agency genc Deed of Trust"), eecu tc d by the Maker, a s tru s tor, in favor of the H o1 de r* as b en of i ci ary. 11. Prepayment of Note. The Maker m air prepay this Dote to the Holder, provided 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 Dote without necessity of obtaining the consent of the Maker. EXHIBIT B -7 TO ATTACHMENT NO. I 1 Promissory Note DOCS00 1400673v 14!20027210001