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Ha~nebuyer• Loan A~•eet~er~t, ~'he pr•ior•ity of such encumbrance shall ~be j~~nriar ar~d subordinate <br /> only to the approved first lien as further provided in Sectiat~ 3I5.5. <br /> 31~,~ D~~buz~se~~~en# of Ha~~~ebye~• Assist ace Load; oriditrarls P~~ccee~~~ <br /> ~'i~e~~eto; ~eveluper's max;~~eting, Disclosu~~~ a~Yd Housixxg ou~~se~iiY, Ire con~~ectia~a ~vith <br /> tl~e I~~•st sale of each Affordable For•~Sale Unit, tl7e fill gaunt of the proceeds of each <br /> Han~ebuyer Assista~~ce Laat~ shall be disbursed ~y tine Agency into the escro~v established by tl~e <br /> Developer and the Horne~~~yer folk such rnrtral s.le at~d conveyance of eac11 applicable <br /> For-Sale Unit to the Hat~reb~ryer, Disburserne~~t shall occur• an demand of the escro~v off <br /> ~cer~, but <br /> tl~e Agency shall be p~•avided riot less than tet~ {10} days ~~atice of the stirnated closing date, and <br /> all conditions precedent to the Age~~cy's obliatiar~ to disburse s~rcl~ mo~~ies shall lave been <br /> satisfied by Developer ~at~d tl~c applicable Har~~ebuycr~ pr•ior~ to escrow officer's de~t~and, Tl~e <br /> proceeds shall ar~ly be expended ar~d pall to find a portion of tl~e applicable Hotr~ebuyer's casts <br /> of acquisition of the Affordable For~ale Unit ire order4 to take such uart a~~allable at ate <br /> Affordable ~o~~sin Cost. <br /> ~a} The Agency's obligation to disburse proceeds of the Hatrrebuyer <br /> Assistance Loan is expressly canditia~~ed ~~pon a~~d will occ~~r as soon as practicable after each <br /> Ha~~~eb~~yer's execution at~d delivcr~~ of tl~e Hameb~~yer• Laan Ag~•eer~rent including any other <br /> docutrrents req~~ired thereunder} ar~d ire cor~fo~•mity with applicable lames acid xegr~latiot~s and all <br /> submittals provided thererrtlder, acid such disb~~rsemerrt shall occ~u• co~~c~~rrex~tly ~vitl~ tl~e <br /> ~•ecordatian of all dac~~tner~ts ~•ecl~~ix•ed to be recorded at closix~g p~~~•uant to the Hot~eb~~yer• Laat~ <br /> Ag~•een~ent and attachrrrer~ts tl~ereta, a~~d close of escrow for dispasitiot~ of such Affordable For_ <br /> dale Unit pl~rs~~a~~t to the terms hereof, <br /> ~b~ Develaper• shall be responsible at its sole cast a~xd expense far <br /> ~r~arketing, hausrrig cout~seling, disclasur+es, and sale for• a~~d related directly ar indirectly to eac~~ <br /> ar~d all Affordable For-Sale ~~its to each and all prospective ~or~lebuyers. <br /> ~i~ Ire cot~t~ection tllere~vith,l)eveloper• shall in any marketing <br /> effort relative to tine Affordable Far-Sale Units fully disclose its obligation to provide tl~e <br /> Affa~•dable For-dale Units ar~d each prospective Hol~ne~uyer shall be pravide~l a tr•~~e and <br /> coxx~plete copy aftlle form oftl~e Homebuyer Loan Agreei~lerit, rid all attacl~t~rents thereto <br /> ~ii~ Develape~~ shall ca~zse to be provided to each prospective <br /> Han~ebuyer orie-on-one haii~n counseling coricer•ni~~g such pi•aspectrve Hoi~lebuye~,'s potential <br /> purchase of an Affordable ~ox~«Sale Unit, in partic~~lar tl~e prov~sior~s relating to the lo~~gMtern~ <br /> affordabiiity cove~~a~~ts and restrictions oz~ resale applicable to s~~ch Affordable Fai•-dale Unit, <br /> ~'he one-oil-ot~e caut~selir~ shall be videotaped and a copy of the videotape s~all be provided fo <br /> Agency staffan a DPI) ~vithrn ten X10}days after the co~rnseling sessiol~. <br /> ~ili} T~~e form of Developer's p~~rcl~ase and sale ar•eeirrent, <br /> marketing materials, draft disclosure dac~rments, ar~d scapelpersannel~method for housing <br /> cai~nselir~g to and for prospective Hotr~ebuyers ofAffardable ~o~i»Sale Ui~rts shall be provided to <br /> the Agency ~xecirtive Director far i•evie~v and app~•oval pi•iar to the issuance of the first building <br /> <br /> pei•init for the pr•a~ect~ <br /> f <br /> <br /> ~~~OC~I~~~67v~ (240272-~0~ ~ <br /> <br />