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E. Hoi eb Ayer has represented to Agency that Homebu er and Homebuyer's <br />household hit rid to reside in the property as Honiebu er's principal residence at all tinics during <br />Hoineb ycr's ownership of the Property. <br />IOW, THEREi FORE, for good and valuable consideration, the parties agree as follows: <br />11 Definitiolis <br />" , f, f i• thilit � er/ " means that period of time commencing upon the Date this <br />Restriction and terminating on the forty -fifth (45th) anniversary of such date. <br />"Affordable F using Cost" means the purchase price for Moderate Income Households <br />pursuant to California Health & Safety Code Section 50052.5, the implementing regulations of <br />Sections 6920, 6924 and 6930 of Title 25 of the California Code of Regulations for Moderate <br />Income Households <br />Notwithstanding the provisions of this Restriction, if the Property is sold during the <br />Affordability Period by Ho ebuyer to a Moderate Income Household, and the Sales Price does <br />not exceed an "Affordable Housing Cost" to such Buyer, them so long as the Maker is not in <br />default (either Ownership Default or Maintenance Default ) of the Agreement, this Note may be <br />assumed by the eligible Buyer by an assignment and assumption agreement that is reasonably <br />acceptable to Agency. Upon the effective date of such assignment and assumption, the assigning <br />Ho mebuy r small no longer be liable for any further obligations under the Loan Agreement or <br />this Restriction that accrete after the date of such. assignment aid assumption. . In order to verify <br />the Buyers status as a Moderate Income Household, Honiebuyer shall submit to the Agency the <br />identity of the proposed Buyer and adequate information evidencing the income and household <br />size of the proposed Dryer. Said income information ration shall be submitted together er wi the notice <br />of proposed sale pursuant to Section 2 of the Loan Agreement not less than thirty 3 days prior <br />to opening of escrow for the proposed sale and shall include original or true copies of pay stubs, <br />income tax records or other financial documents in order that the, Agency may determine and <br />verify the household income of the proposed Buyer to determine whether the Buyer is <br />Moderate Income Household, and whether the Property is being transferred to such Buyer at an <br />Affordable Housing Cost, If the Agency is unable to verify the Dryer's income as provided <br />herein prior to the proposed sale, them the Buyer's income shall be deemed to exceed the <br />maximum allowable income limit for Eligible Persons and Families. <br />1100) ineans the City of Santa Ana, California, a California municipal corporation, and <br />the City's successors and assiglis. <br />"County" means the County of Orange, California. <br />"Da te of th is R eN r r' " means the date in the first paragraph of this Restriction, <br />"D ' u " means the failure of a party to perform any action or covenant required by this <br />Restriction within the time periods provided herein following Notice and oppoAUnity to cure, <br />The terra default also includes an Ownership Default and a Maintenance Default as more fully <br />defined and described herein. Not%vithstanding the foregoing for purposes of acceleration of the <br />Homebuyer Assistance Loan, or initiation of foreclosure proceedings there shall be a distinction <br />EXHIBIT D-2 TO ATTA HPAENT NO. l l <br />Affordable Housing .esale Restriction <br />D s /140067 v13/200272 -000 <br />