Laserfiche WebLink
record the Affordable Housing Resale Restriction against the property in the Official Records of <br />Orange County, California. The Homebuyer also agrees to mply with all applicable federal, <br />state and local laws. <br />7. Occupancy Standards. The Propefty shall be used as the principal personal <br />residence of the Homebuyer and the omebuyer's immediate family and for no other purpose. <br />The Homebuyer stall not enter into an agreement for the rental or lease of all or any part of the <br />Property. The Homebuyer shall not rent out a room or rooms in the Property. The Homebuyer <br />may request a temporary waiver of the foregoing requirement in the event of extreme hardship <br />requiring the Homebuyer to move to another geographical area or to less expensive housing, <br />including, for example and without Iimitation, transfer of job location, loss of job, o unexpected <br />major expenses. The Agency may approve or disapprove such request in its sole discretion, and <br />may require as a condition of approval that the Homebuyer only rent the Property to Eligible <br />Persons and Families, subject to the t ra �mum affordable rent limit applicable to Moderate <br />Income e Ho useholds as set forth in Health & Safety Code Section 50053. The Hor rebuyer shall, <br />upon demand by the Agency, submit to the Agency are affidavit of occupancy rifying the <br />Homebuyer's compliance with this Section 7. Such affidavit may be required by the Agency on <br />an annual basis. <br />Income Cei# i 'i a ion. The Homebuyer has submitted an application and <br />additional information verifying income eligibility to the Developer and the Agency prior to <br />execution of this Agreement. The Homebuyer represents, warrants, and declares under penalty <br />of perjury to the Agency that all inf ri- ration the Homebuyer has provided and will provide in the <br />future to the Developer and the Agency is and will be true, correct and complete. The <br />Homebuyer acknowledges ledges that the Agency is relying upon the H mebuyer's representations as <br />to incolne, household size, assets and otter information to determine whether the Homebuyer is <br />Moderate Income Household and the Agency would not have entered into this Agreement if the <br />H r rebuyeri did not so qualify. In the event that the Agency discovers that any of such <br />information is materially untrue, the Agency may declare the Homebuyer Assistance Loan and <br />the Contingent Equity Participation Amount, if any, immediately due and payable. <br />Monthly Housing Cost Information. The mebuyer•'s anticipated Monthly <br />Housing Costs at the time of this Agreement, and at the time of H rriebuyer's acquisition of the <br />Property, must not exceed Affordable Housing Cast, determined as follows: <br />9.1 Affordable Housing Cost Modei #ate Income 11ousehold. The <br />Homebuyer and all successors thereto duri <br />