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3144 ~eporttrr ~et~~~irertrerifs for tlae Po~~-dale Portlo~r of tt~e Project, <br /> i#hin ot~e ~~u~adre~ t~~cnty ~I~o} dais aver the clase of escrow of tl~c sale of the last Foy"ale <br /> knit the De~claper shall submit to the Agency a financial statet~rerrt setting far~h the profit <br /> haritr Amount, arrd the Net Profit, ~•ass dales Pr"o~eec~, ~ar~-ale i~~lit~ ~cvelo~trrent opt, <br /> a~~d Por" dale Units De~elaptner~t Prafi# ~~pon ~vl~icl7 the Profit hay"i~~ Ar~~aunt has been <br /> calculated has thane ter'r~s ar"e defined in the Plrase F Pro~~issaryNote, <br /> 314,5 ccur~~ of Aerrc~r Loaxa. Each Pr"arnissox°~ Note shall be secu~"ed by a <br /> deed of trust to be r"ecarded as an encumbrance agai~~st tl~e applicable Phase to which sr~clr <br /> Prarnissary Note relates, l~icll deed of t~~r~st shall be substa~~tially its tl~e farm. attached hereto as <br /> Attachment No, 9 attached leer+eto, ~~hich is inco~;por~ated herein ~tl~e "Agency Deed of Trust"}, <br /> ~'he Agency acl~z~o~~ledcs #l~at rt rrll be neces~ar"~ #o subordl~aate e~cl~ Agency Deed a ~'r~~st to <br /> deeds of trust sec~z~"i~~ atl~er sa~~r'ces of ~nanci~ig abtair~ed by tl~e 1~e~elaper", TI~e ~~enc~ <br /> ~ecutive ~lr'ector" 1s ~~l~~la~"iced to excc~rte and aid all docurr~e~ats t~cce~sar"}r rrl ol'de~~ to <br /> s~~bordit~ate each Agerlcy Deed of Tr"ust, b~xt orll if at~tl t~ flle cx#ent s~~ci~ srrba~•din~fiar~ is <br /> ~"easonbly necessar~~. <br /> 314,E Dis1~u~~selr~e~rt of the Agency Laa~r, ~'lre proceeds of each Ageney Loan <br /> sl~aii be di~b«r"sed far• I~a~~d and sad. casts of canst~"uct~on fay" tl~e applical~lc Phase to ~vl~icl~ s~€cl~ <br /> Agerlcy Loan relates, ar~d shall be disbursed to De~elope~i's institirtiar~al canstr~~ctiot~ leader far" <br /> s~rch Phase pro rata ~~ith #l~e pr"oceeds of tl~e car~str'~~ctlat~ laai~ ~s~~hect to #l~e appr~o~al of s~rch <br /> institrrtianal cot~structio~~ lender"~ at such ti~~.e as Agency and s~~ch i~~stitartianal canstr"~~ctian <br /> ~ende~" appr~a~es such disbr~z~se~rrent ~rpon completion afa lime iterrr ~zr~deri the budget, <br /> 315, ~orr~e~iryer Assistance, <br /> ~Iomeb~r~~er Assistance Laarl. Tl~e Agenc~r hereby agr"ecs to loan to each <br /> gl~alified ~rloder"ate Incar~e Horrreb~~yer of ate Affordable >~or"ale Unit the amount of Tl~ir"ty <br /> T~~o~~sand Dollars {$~0,000~ ~eacl~, a "IIarl~eb~~~et" Assistance Lawn"}, subject to tlYC terrr7s acrd <br /> carrdi#ians set for~tl~ in this Agreement, and subjec# ~'ur"tl~er" to tl~e terns and. cor~ditio~~s set fartl~ <br /> ~rthrn the dac~~~nents ar~d rnstru~~nents executed by each U.ornebuye~", ~ncludrrrg the PIornel~uyer <br /> Loan Agreement, all ire cotr~pliar~ce ~~ith applicable la~~s acrd reg~~latiot~s, ~'he Agency slrall fu~1d <br /> each ~Ion~elauyer Assistance Laan solely from moneys fra~~~ a Lo~~ a~~d Moderate Ir~corne <br /> Ha~rsing ~'~~~~d established p~u's~~at~t to ectiot~ 33334,3 ofthe alifor"nia Health and safety ~adc, <br /> all ~~i#hin tl~e mea~~it~ of ectior~ 172a~c~~4} of the California Labor bode. <br /> 31,Z repayment of ~ornebrrye~~ Assts#airce Lo~x~, Loch I-Iamebuyex4's <br /> obligation to repay the Honlebrr~er Assistance Laan si~all he set far"tl~ ire a. p~~on~issar"y Hate <br /> subs#arrtially i~~ the Farm attached to tl~e Hamebr~yer" Loan Areemen#, 7`I~e ~omebuyer" <br /> Assistance Lawn shall not accrue intet'est u~~til and l~t~less an e~~er~t of acceleration acc«rs under <br /> the terms of the I~arneb~:yea4 Loan Agreement, its ~~hich case an inter"est r"ate o~" equity share <br /> arrraunt shall apply as p~•a~rded rn the Ho~r~ebuyer Loan Agr'een~etxt~ <br /> 315,3 ecuri far nmcbtt~rez~ Assistance LoaiY, each pramissar"y Hate <br /> e~iderrcirrg a Harnebuyer" Assistance Loan shall be sec~~red by a deed of tr"ust to be r'eco~~ded as are <br /> errcurrrbrance to the applicable Affor"dable ~or~ale Unit, substantially in the form attaci~ed to the <br /> 42 <br /> <br /> D~~Sa~1~~~~67~?131~0~~?~-000 ~ <br /> <br />