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2 <br />E.The City agrees to loan to Borrower and Borrower agrees to borrow from <br />the the City $________________________ (the “City Loan”) pursuant to the <br />Program, subject to the terms and conditions set forth herein. Borrower must contribute a <br />minimum of three percent (3%) of the purchase price towards down payment. This <br />minimum contribution cannot be from gift funds. <br />F.The Purchase Price for the Property is to be paid by Borrower by a <br />combination of funds, including: <br />a.Borrower’s down payment in the amount of $_______________ <br />A loan to be made by __________________________________, <br />b.secured by a first deed of trust, in the principal amount of <br />$____________ (the “First Mortgage Loan”); and; <br />b.The City Loan, secured by a deed of trust, in the principal amount <br />c.of $_____________________. <br />G.Borrower has provided the City with written documentation from the <br />lender making the First Mortgage Loan stating that the amount of the City Loan <br />requested by Borrower is the minimum amount of additional financing necessary for <br />Borrower to qualify for the First Mortgage Loan. <br />H. The Loan Agreement and all of its attachments shall be enforceable by <br /> City in accordance with the terms thereof. Each of the Loan Agreement, the Income <br />And Owner-Occupancy Covenants and Resale Restrictions/Affordability Covenants, the <br />City Promissory Note and the City Deed of Trust provide a means of enforcement by the <br />City if Developer is in breach of its obligations hereunder and thereunder, including liens <br />on the Property, use and deed restrictions and covenants running with the land [24 CFR <br />92.504 (c)(13)]. <br />NOW, THEREFORE, for good and valuable consideration, the parties agree as <br />follows: <br />Definitions: Unless otherwise defined, the following capitalized terms shall be defined <br />in this Agreement as follows: <br />“City Deed of Trust” means the deed of trust securing the City Loan, in the form <br />attached to this Agreement as Exhibit B and incorporated herein by reference. <br />“City Loan” means the deferred loan of Inclusionary Housing funds to be made <br />by the City to Borrower in the principal amount of $ _______________ in <br />accordance with this Agreement. <br />EXHIBIT 2