ORANGE COUNTY COMMUNITY HOUSING CORPORATION - 2008

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Neighborhood Housing Services of Orange County to construct and sell asingle-family home to a qualified household. The term of affordability on the home will be for forty-five years. 4. Escrow. Developer agrees to open an escrow at the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (S) days from and after the date on which the City and Agency Board have approved this Agreement. This Agreement and the Disposition and Developer Agreement constitute the joint escrow instructions of the Developer and the Agency and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached hereto and incorporated herein by this reference, in writing, delivered to the Developer and to the Agency within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. Developer agrees to bear and Escrow Agent is hereby authorized to charge to the Developer the cost of any transfer taxes, recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees and any other closing costs incidental to the conveying of said real property to Developer. Penalties for prepayment of bona fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant to Civil Code Procedures Section 1265.240. The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the General Provisions of this Agreement. 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which said real property is conveyed to Developer as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. Agency shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the State of California for that portion of property taxes on said real property for said fiscal year which have been paid prior to the date the deed conveying said real property to Developer is recorded which is allocable to that portion of the fiscal year which begins on the date the deed conveying said real property to Developer is recorded and made uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State of California. All unpaid taxes on said real property for any and all years prior to the fiscal year within which said conveyance is made shall be paid by Agency before conveyance of said real property to Developer. 6. Payment of Purchase Price. Developer agrees to pay to Agency, and Agency agrees to accept from Developer, as and for the full purchase price for said real property, the total sum of One Hundred Eighty Five Thousand Dollars ($185,000.00) which constitutes the fair market value at the use and with the covenants and conditions and development costs authorized by the sale and the Disposition and Development Agreement. Developer agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) days from and after the date on which this Agreement was approved, and the Escrow Agent is hereby authorized to pay the same to Agency upon and after: (a) Conveyance of said real property by Agency to Developer as hereinabove provided; (b) Acceptance by Developer of a Grant Deed conveying said real property to Developer; (c) Delivery to Developer of the policy of title insurance as hereinabove provided; 2