80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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Statement as those terms are hereinafter defined). The Developer and the Horneb Ayer have opened an esero Escrow No.: with ::` : :::.::::::::: `- escrow title company) for omeb yer's acquisition of the Property (the "Escrow") and the Agency shall be are additional party to the Escrow in connection with the Homebuyer Assistance Loan. 1.2 roi is et-y Note. The Hoi ebuyer shall execute, as maker, and deliver to the Agency, a promissory note in favor of the Agency, as holder, substantially its the form of Exhibit "B" that is attached hereto and incorporated herein by this reference the "Note" or "Promissory Note"). As more particularly provided its the Note, the essential terms and conditions of the Homebuyer Assistance Loan are as follows: s: all Ter•ni. The terra of the Nate shall be forty-five ear from the Rome buyer Assistance Loan Date (the "Terni" ). b. Note Amount. The sums due and payable pursuant to the terms and provisions of the Note consist of both the Homebuyer Assistance Loan Amount and the Contingent Equity participation Amount, as both terms are herein defined (collectively, the "Note Amount"). As one coinponent of the Note Amount, the Hoi ebuy r shall pay to the Agency the principal amount nt f Dollars with zero percent % interest thereon, subject to ub eeti n e ) below. C, Contingent Equity Pat•ticipati n Amount. As a second component of the Note Ai owit, the l or ebuyer shall pay to the Agency, together with the hole of the H mebuyer Assistance Loam Aniou nt, the "Contingent its Participation Amount" if required by Section 3, d. oniebuy x• Assistance Loam Amount-, Interest Defei4red Until Acceleration. The Homebuyer Assistance Loan Amount shall accrue zero percent oho interest mess and until are event of acceleration occurs as set forth in Section l .2 f , its which evert a "Contingent Equity Participation Amount" shall become due and payable by the Homebuyer if required by Section 3. e. 11oinebuyer Assistance Loan mount; Time of Payment and Forgiveness. No repayment of the Homebuyer Assistance Loan Amount shall be require unless and until the Note Amount becomes due and payable, as provided in subparagraph f) below. f. Acceleration. The whole of the Note Amount and all other payments due hereunder shall become due and be immediately payable to the Agency by the of rebuyer upon the occurrence of any one of'the following events of acceleration: (i) The Homebuyer sells or transfers the Property or any part thereof) by any means, including, without limitation, the lease, the rental, the exchange or other disposition of the Properly or any interest therein, Whether voluntary or involuntary, except A a sale of the Property to are eligible, qualified Moderate Income Household at an Affordable Housing Cost with the Agency's prior written approval accomplished in strict conformity with Section 4, or the transfer of the Propefty solely as a result of the marriage, divorce, ATTACHMENT N. 11- Form ofHornebuyer Loan Agreement 1 CS C/1 400673iil 3/2 272 #0001