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E. Homebuyer has represented to Agency that Homebuyer and Homeb u r' s household intend to reside in the Property as Hom b u r' s principal residence a t all times during Homebu r' s ownership of the Property. NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: 1. Derinitions "Affordability Period's means that period of time commencing upon the Date of this Restriction and terminating on the forty -fifth (45th) anniversary of such date. "'Affordable Housing Cost" means the purchase price for Moderate Income Households pursuant to California Health & Safety Code Section 50052. 5, the implementing regulations of Sections 6920, 6924 and 6930 of Title of the California Code of Regulations for Moderate Income Households Notwithstanding the provisions of this Restriction, if the Property is sold during the Affordability Perio d by Hornebuyer to a Moderate Income Household, and the Sales Price does not exceed an "Affordable Housing Cost" � to such u r, then so long as the Maker is not in default (either Ownership Default or Maintenance Default of the Agreement, this Note may be assumed by the eligible Buyer by an assignment and assumption agreement that is reasonably acceptable to Agency. Upon the effective date of such assignment and assumption, the assigning Hom bu er shall no longer be liable for any further obligations under the Loan Agreement or this Restriction that accrue after the date of such assignment and assumption. In order to verify the Buyer's status as a Moderate Income Household, Hem bufirer shall submit to the Agency the identity of the proposed Buyer and adequate information evidencing the income and household size of the proposed Buyer. Said income information sha11 be submitted together with the notice of proposed sale pursuant to Section 2 of the Loan Agreement not less than thirty 0 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 Agency ma ► determine and verify the household income of the proposed Buyer to determine whether the Buyer i a Moderate Income Household, and whether the Property is being transferred to such Burr at an Affordable Housing o st. If the Agency is unable to verify the Buyer's income as provided herein prior to the proposed sale, then the Buyer's i n once shall be deemed to exceed the maximum allowable income limit for Eligible Persons and FamiIies. "City" means the City of Santa Ana, California, a California municipal corporation, and the City's successors and assigns. "'County" means the County of Orange, CaLifornia. "Date of this Res on" means the date in the first paragraph of this Restriction. "Defau " means the failure of a party to perform any action or covenant required by this Restriction within the time periods provided herein following no ti and opportunity to cure. The term default also includes an Ownership Default and a Maintenance Default as more full defined and described herein. Notwithstanding the foregoing for purposes of acceleration of the Homebuyer Assistance Loan, or initiation of foreclosure proceedings there shall be a distinction EXHIBIT D-2 TO ATTACHMENT NO. 1 l Affordable Housing Resale Restriction DOOf 1473vl4/27 -0001