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10/1/08 <br />prospective buyer is truthfully set forth in the income certification form. The Developer <br />shall verify the income certification of the prospective buyer in one or more of the <br />following methods reasonably acceptable to the Agency: <br />(a) obtain two (2) paycheck stubs from the prospective buyers <br />two (2) most recent pay periods. <br />(b) obtain a true copy of the last two income tax returns from <br />the prospective buyers for the last two (2) tax years in which a return was filed. <br />(c) obtain an income verification certification from the <br />employer of the prospective buyers. <br />(d) obtain an income verification certification from the Social <br />Security Administration and/or the California Department of Social Services if the <br />prospective buyers receive assistance. from such agencies. <br />(e) obtain an alternate form of income verification reasonably <br />acceptable to the Agency, if none of the above forms of verification is available to the <br />Developer. <br />403.4 Documentation. At the closing of escrow for the purchase of each <br />Affordable Unit, the Agency will require each Lower Income Household homebuyer of <br />each Affordable Unit to execute the Affordability Restrictions on Transfer of Property <br />Agreement (attached hereto and incorporated herein as Exhibit B), Promissory Note <br />(attached hereto and incorporated herein as Exhibit K), Deed of Trust(s) (attached hereto <br />and incorporated herein as Exhibit L), and such further documents reasonably required by <br />the Agency in a form provided by the Agency. The Promissory Note shall be for a term <br />of forty-five (45) years. The principle amount of the Promissory Note shall be in an <br />amount equal to the difference between the sales price of the Affordable Unit and the fair <br />market value of such unit as if no restrictions were placed thereon (as determined by <br />appraisal which is reasonably acceptable to the Agency). The Affordability Restrictions <br />on Transfer of Property Agreement, Deed and Promissory Note shall not permit sales of <br />the Affordable Units, except to other Agency verified qualified income eligible <br />households. The term of affordability for each of the three homes shall be forty-five years <br />and shall begin anew upon any sale of the Units. The purchase price received for the sale <br />of each Unit shall be remitted by Developer to the Agency. <br />403.5 Best Efforts to Sell Affordable Units. The Developer agrees to <br />exercise reasonable efforts consistent with prudent business practices to sell all of the <br />Affordable Units developed on the Sites to First Time Homebuyers as owner-occupants <br />as soon as practical following the completion of the construction of the Affordable Units. <br />The Developer agrees that the units developed on the Sites shall not be sold to the <br />Developer, any of Developer's employees or any party related to the Developer, or to any <br />subcontractors or any employees of said subcontractors. Selection of the homebuyers <br />21 <br />