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(D) Payment en t of the Contingent Equity Pailicipation <br />Amount, if any. <br />11, Sec s #1ty foi# Hoinebuyer Assistance Loan. The obligation of the <br />Homebuyer to repay the Homebuyer Assistance Loan pursuant to this Agreement, as evidenced <br />by the Promissory Note, shall be secured by a subordinate deed of trust and rider thereto <br />encumbering the Property, substantially in the form of Exhibit "C" that is attached hereto and <br />incorporated herein b y this reference (the "Agency Deed of Trust"). The ncy Deed of Trust <br />shall be executed by the Homebuyer, as truster, in favor of the Agency, as beneficiary, <br />it Subordination. Subject to the subordination provisions set forth <br />herein and its the Note and the Affordable Housing resale Restriction, the Agency Deed of Trust <br />shall be subordinate only to the First Lien mortgage obtained by the Holnebuyer and, if <br />applicable, other oars as approved by the Executive Director, including lien instruments that <br />secure other hon ebu er purchase money and/or downpayinent assistance, including without <br />limitation City, State of Callf'or i , or federal affordable housing programs. <br />ill Pi-epaynient of Homebuyer Assistance Loan. The Homebuyer <br />may prepay the Hoinebuyer Assistance Loan to the Agency, provided that any prepayment must <br />be in full and not in part. Prepayment shall be treated in the see manner as refinancing of the <br />Property. In any event, the Affordable Housing Resale le Restriction shall continue in full force <br />and effect, notwithstanding such prepayment. <br />k. Assumption of Hoinebuyer Assistance Loan and Promissory <br />Note. The Homebuyer Assistance Loan and the Promissory Note may be assumed by <br />subsequent qualified /Moderate Income Household, as purchaser of the Property, but only ill <br />accordance with the terms and conditions set forth in Section 4. <br />11 Joint and Several. The undersigned, if i lore than one person, <br />shall be jointly and severally liable tinder this Agreement fog• the repayment of the Hornebuyer <br />Assistance Loan. <br />M. Ioinebuyer's Waivers. The Homebuyer waives any rights to <br />require the Agency to: i demand payment of amounts dire known as "presentment"), (ii) give <br />notice that at outfits due have not been paid (known as "notice of dishonor" and (iii) obtain an <br />official certification ofnonpayment noon as "protest"). <br />Notice to Agency. The Homebuyer (or the Hornebuyer's heirs following the <br />death of the Homebuyer) agrees to notify the Agency not less than sixty 6 days prior to i the <br />opening of escrow for the sale of the Property, ii the signing of any agreements or documents. <br />related to the transfer, including, without limitation, lease, exchange or other disposition of any <br />interest in the Property, (iii) any proposed refinancing of any First Lien or i the close of the <br />Homebuyer's probate estate. Nothing in this Section 2, however, sly ll be construed to authorize <br />the Property to be leased or rented. <br />3. Contingent quit y Participation Amount. If an event of acceleration occurs as <br />described in Section 1.2(f) and the Homebuyer is not selling the Property pursuant to Section 4, <br />ATTACHMENT No. 11 <br />Forth of Homebuyer Loan Agreement <br />I o so 11 4006173 v 1 3/200272 -0001 <br />