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incompetence or death of one or more individuals constituting the Ho ebuyer, so long as the <br />transferees give written notice supported by reasonable evidence of such event to the Agency <br />within thirty o days of its occurrence and the transferees assume(s) the Homebuyers <br />obligations under this Agreement, by execution of an assignment and assumption agreement to <br />be provided by the Agency, or C a sale or transfer which tinder federal law would not, by itself, <br />permit the Agency to exercise a due on sale or due on encumbrance clause; <br />(ii) The Homebuyer refinances any purchase money first lien <br />or other permitted encumbrance to which the Agency Deed of Trust as hereinafter defined is <br />subordinate (each such lien, a "First Lien ") for a loan amount in excess of the then current loan <br />balance secured by such lien or encumbrance and loan closing costs; and/or <br />(iii) The Flomeb Ayer and all co-signors and co-mortgagors, if <br />any) fails to own and occupy the Property as their principal residence pursuant to Section 7 or is <br />in Ownership Default defined in Section 1 tinder* this Agreement <br />At the request of the Hoy ebuyer, and for a specific occasion, the Agency tray, ill <br />its sole and absolute discretion, in writing Nv ive the requirements of this subparagraph f and <br />defer repayment and/or extend the terin of the Note. Any waiver or deferment ent shall be on a ease <br />by ease basis, and no future rights for waiver or deferment shall arise or be implied, <br />Notwithstanding the foregoing, the Homebuy r may, upon prior written approval by the Agency, <br />refinance any First Lin for a loan amount equal to or less thati the then current loan balance <br />secured by such First Lien. <br />Hninebttyei• Assistance Loan Repayment. If there is an event of <br />deceleration prior to the forty -fifth (45th) Anniversary of the date of the Promissory Note, the <br />Hot ebuy r shall repay the Homebuyer Assistance Loan in accordance with this subparagraph <br />(g). In the event that no event of acceleration occurs prior to the forty -fifth (45th) Anniversary of <br />the date of the Promissory Note, the fill amount of the Promissory Note shall be forgiven, and <br />there shall be no further o igations hereu nder. <br />(i) Note Amount Due In Full. The whole of the Note <br />Amount shall be due in full when an event of acceleration occurs. After paying all costs and fees <br />relating to the transaction, if any (such as escrow fees, transfer taxes, recording fees, brokerage <br />commissions and similar costs), the proceeds of any such transaction or, in the ease of any event <br />of acceleration other than a sale, the appraised value of the Property) shall be distributed or <br />applied in the fllowing order of priority; <br />(A) Repayment yt ent f the First Lien; <br />(B) Repayment of other pre-approved subordinate <br />lien(s), if any, as and in the lien recording priority that such lien were approved by the <br />Executive Director pursuant to Sections 1.2(i) and 14; <br />(C) Repayment to the Agency of the Hoinebuye3• <br />Assistance Loan Amount; t; and <br />ATTACHMENT NO. 1 l- <br />Form of Ho buyer Loan Agreement <br />D / r 4 0vl / 00272 -coo 1 <br />