80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J

Home Browse Search

>'ayment of the ontingent ~qulty ~'at~trcr~atlal~ Amount, if any, ~r~ ecu~~~t~t far ~Ia~rlbilyex~ Ass~s~axzc ~oa~~f The obligatiol~ oft~~ Holr~ebtryer to repay tl~e Ho~rtebuyer Assistal~ce Laar~ pu1'suan~ to this Agreelrrellt, as e~idelleed by the Promissory Note, sl~all be secured by a s~~hordina~te deed of trrrst al~d rider' thereta erlcul~ll~eril~g tl~e Property, substa~l~ially in the for~11 of Exhlblt that is attaelled hereto arld incorporated l~et~il~ by tl~is ~~eference the "Agency ~]eed of Trust"}. Tl~e Agency Deed of Trust shall be executed by the Homebuyel', as trustol', X11 fa~o1' of the A~11C~, as beneficial'y, u~ar•~irt~f~on. ub~ect to the subordination p~'o~~slol~s set fa1~l~ 11~1`~111 arld 111 the Note and the Affol'dable Houslt~g Rest~'1ct1QI1, tl~e Agellcy Deed Trtlst sllall be subordinate o111y to the ~'i1'st Lie1~ mortgage obtained by the Holrlebuyer and, if applicable, other oala~s} as approved by tl~e ~xecuti~e Director, includi~~ lien il~stl'r~l~ents that secure other hornebt~yer p~rrclaase l~l~ll~y al~dlar do~~~~paytr~e~~t assistance, 1ncluding ~v~tl3a~lt lil~itatian pity, State of California, ~I' federal affordable 1lousillg progra~ns, j~ P~'epay~~ie~~t of ~Ior~~eb~iyer Ass~s~ance ~,aall, T11e Ha1~lebuyer may prepay the Horl~ebuyer Assistal~ce Loaf to tl~e Agency, p~+o~ided that and prepayment must be in ftlll a~1d clot its part Prepaylr~e~~t silali be treated in the salve l~~anl~l~ as 1'efl~al~cil~g of the PI'operty. In any e~e11t, the Affordable Housillg resale ~estr'letlot~ s11a11 Co11tl11t1~ 111 full fo1'ce and effect, nat~~itl~stal~dillg strcl~ prepaynlent. k, Ass~r~rlptl~I1 ~olt~eblly~t• Ass~sta~~ce ~oat1 ~tli~ PI'QIrilSp1~? ate. T11e Holnebtlyer' Assistance 1Joan and tine ~'l~olissory Note may b asstlt~ed by a stlbseuellt ~t~alified Moderate ~ncorne Hatlsel~old, as purchaser of tine ~'roper~ty, but only ~~1 accordal~ec ~~itl~ the te1'n1s and col7ditions set forth 111 Section 4, 1~ ollit ~Ili~ Several. T11e ~rndel'signed, if I~101'e than one persa~~, shall be jointly at~d se~e1'ally liable under ti~is Ag~~ee~r~el~t for' the repayl~~el~t of tine Holr~ebt~yer Assistance Loan, m~ Ho~t~el~u~~e~;'s waivers. The Hanlebuyer ~val~es ally rights to l~egt~ire tl~e Agel~cy to: ~i~ demand payt~~ent of u~rlour~ts due ~1{n~~~n as "presentll~ent~'~, iii) give Il{~t1C~ tllat atl~Ott~1~S due 11a~re t10t leer] paid ~kr~o~~+1~ "l~ot~ce of dls~~onot'"~ ~t1~ l~irt~ obtain at1 official ce1'tlficatlon of not~pay1I1~11~ ~kno~vn as "protest"~~ l~otice to Agez~cy, The Ha~r~ebuyer for the Horrrebtryer' heirs folla~vit~ the death of file Homeltlyer~ agrees to l~otify tl~e Agency not less tl~al~ sixty days prior to ~i tl~e aper~ing of escr'o for the sale of the Property, ~ii~ the si~lirlg of any areerrlerlts or doctr111e11ts related to the transfer, includil~g, ~vithout 1i1~1itatian, lease, exchange or other dispositioll of ar~y 111t~1'~st 111 the l~1'operty, ~iii~ any p1'oposed t~efinancir~g of any l~ i~'st Lien of ~i~r} tl~e close of the Honlebuyer's probate estate. Natlling in tllis section 2, l~a~~rever•, shall le construed to at~tllorize the Pt'oper~ty to be leased or I•el~ted. ~orltlll~~Ilt Equ~t~r P~'~icipa~iaz~ Arnou~~t, if alp event of acceeratiorl occurs as described il~ Sectiol~ i i~~ and ~11e Homebuyer is not seliing file Property p~r'suarlt to Section 4, ATTAH~I~NT ~~.11 ~5 o1'm of Ho1l~ebuyer Loan Agreet~lent DoCS~CI~ 4~Ob73~t1 ~1~~~~7~-~1~1~1