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<br />Beneficiary. In the event such rights are granted, the Trustor shall promptly so advise <br />the Beneficiary in writing. <br /> <br />Article II. <br /> <br />DEED RESTRICTIONS/ AFFORD ABILITY REQUIREMENTS <br /> <br />1. Purpose. In accepting the Deed Restrictions, the undersigned Trustor <br />understands and acknowledges that the Property acquisition is being financed, in part, due to a <br />loan provided by the City of Santa Ana ("City") in accordance with the Agreement so that the <br />Property can be rehabilitated and sold in accordance with the Neighborhood Stabilization <br />Program ("NSP") guidelines to a low or moderate income home buyer. In return for and in <br />consideration of the opportunity for the Trustor to acquire the Property under the above <br />referenced circumstances and for other good and valuable consideration, the receipt and legal <br />sufficiency of which the undersigned hereby acknowledges, the Trustor on behalf of <br />himself/herself and with the express intent to bind all those defined as "Owner", hereby agrees to <br />the following: <br /> <br />2. Method of Sale. <br /> <br />A. Procedures to Notify City. Trustor agrees to make available, restrict <br />occupancy to, and sell each of the NSP Assisted Units to Low or Moderate Income Households <br />(as that term is herein defined) at an Affordable Housing Cost. In addition, the Trustor agrees to <br />cooperate with the City in any subsidized loan program the City may in its sole discretion make <br />available to Low or Moderate Income Household purchasers of some or all of the NSP Assisted <br />Units. Trustor shall comply with all sections of the Agreement pertaining to sale of the Units. <br /> <br />B. Disposition ofthe Subiect Property Contrary to Agreement. If the Owner <br />disposes of the Property contrary to this Deed of Trust, the City shall at any time thereafter, at its <br />election, have the right to declare such disposition or other act null and void and/or seek <br />enforcement of the terms and conditions hereof in any manner allowed by law or equity. <br /> <br />3. Terms of Purchase. Upon any sale of the Property, the following provisions shall <br /> <br />govern: <br /> <br />A. Escrow. The Owner acknowledges and agrees that the percentage amount <br />of any deposit required pending close to escrow shall not exceed that customarily required for <br />the purchase of residential units in the City of Santa Ana at the time of the escrow. Closing costs <br />shall be allocated between buyer and seller according to the customary practices in the City of <br />Santa Ana in effect at the time of an offer to purchase. The Owner shall agree to reasonable <br />terms of sale which are consistent with promoting the purpose of this Deed of Trust. <br /> <br />B. Condition to Close of Escrow. The escrow instructions may provide for <br />conditions or contingencies of the type or nature commonly included within residential purchase <br />escrows (including, but not limited to, financing contingencies, inspection rights, and <br />preliminary title report approvals) to the obligation of the purchaser to purchase the Property <br />from the then Owner, provided that any such conditions or contingencies (other than the status of <br />title to the Property at the time of conveyance and other conditions which by their nature cannot <br />be satisfied prior to closing) must be satisfied or waived on or before sixty (60) days after the <br /> <br />4 <br />