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NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is <br />agreed by and between the parties hereto as follows: <br />1, Cure of Loan Default. Agency hereby has the right, but not the obligation, to <br />make payments to the Lender to fill I or partially cure any default or del in quency in payments of <br />the Loan. <br />21 Reimbin-senient Obligation of Homebuyer. Homebu er hereby agrees to <br />rerrrrburse Agency for any and all payments made by Agency to fully or partially cure any <br />default or delinquency in payments of the Loan. Such payments ents shall be made within thirty (30) <br />days after written demand is grade therefor from Agency to Hor. ebu er. Agency may make <br />such written demand to Homebuyer at any time after making such payments. if such written <br />dery nd is made by personal delivery of such demand given to Llorneb zyer, or left at the <br />Property, such demand shall be deemed given immediately upon such delivery. If such written <br />demand is trade by reliable overnight deliver' service such as edE , such demand shall be <br />deemed given one business day after deposit of the written demand with the overnight delivery <br />service. If such written demand is inade by registered or certified U.S. Mail, such demand shall <br />be deemed given three business days after deposit of the written demand with the U.S. Postal <br />Service. <br />Securit y for Reimbursement. The obligation of Homebuyer to make the <br />reimbursement payments to Agency required under Section 2 shall be secured by a deed of trust <br />which shall encumber Homebuyer's fee title to the Property. Such deed of trust shall be ill the <br />form attached hereto as Exhibit "B," which is hereby incorporated herein. Such deed of trust <br />shall be junior and s ubordinate to the deed of trust which secures the Loan. Homebuyer consents <br />to recordation of such deed of trust in the official records of Orange County, California. <br />4. Notice of Default and Delinquency. ency. or ebuyer agrees to deliver to Agency <br />copy of any Notice of default or delinquency in repayment of the Loan which Hornebtlyer <br />receives from or on behalf of the Lender. Such notices shall be delivered to Agency within five <br />(5) days of l oniebuyer's receipt of sueli notice from the Leader. <br />Waivers. <br />a. Homebuyer expressly agrees that any p yr et t due hereunder may be <br />extended from time to time at Agency's sole and absolute discretion and that Agency may accept <br />security in consideration for any such extension or release any security for this Reimbursement <br />Agreement at its sole discretion all without in any way affecting the liability of Hoinebuyer. <br />b. No extension of time for payment of the aillounts due pursuant to this <br />Reimbursement Agreement made by agreement by Agency with any person now or hereafter <br />liable for the payment of this Reimbursement Agreement shall operate to release, discharge, <br />modify, change or affect the original liability of Hoinebuyer under this Reimbursement <br />Agreement, either in whole or in part. <br />ATTACHMENT N, 4 -2 To ATTACHMENT N. l l <br />To Affordable Housing Resale Restriction <br />Reimbursement Agreement <br />D CSOC/ 14 00673v1312002 -0001 <br />