STATION DIST DDA WITH CRA - Laserfiche WebLink

Home Browse Search

major expenses. Agency may approve or disapprove su h request ire its sole discretion, and may require as a condition o f approval that Homehu er only rent the Property to Eligible Moderate Income Households at an affordable rent as defined in Section 50053 of the California Health Safety Code.) Agency acknowledges that the occupancy standard is occupancy by two (2) persons per living and sleeping area. Homebuyer shall, upon demand by Agency, submit to Ag nc y an of fid writ of occu p ancy verifying Hom bu yer's c ompliane e wi th this S cc Lion 10. S u ch affidavit may be required b Agency on an ar nu al basis. 11. Effect of Violation of the Farms and Provisions of this Restriction. a. In General. The covenants est ahli hed in this Restriction shall, without regard to technical classification and designation, be binding for the benefit and in favor of Agency, its successors and assigns, as to those ovenan is which are for its benefit. The covenants contained in this Restriction sha.11 remain in effect for the periods of time specified herein. The covenants against discrimination shall remain in effect in perpetuity. Agen c is deemed the beneficiary o of the terms and provisions of this Restriction and of the covenants running with the land, for and in its own rights and for the purposes of protecting the interests of the community and other parties* public or private, in whose favor and for whose benefit this Restriction and the covenants running with the land have been provided. This Restriction and the covenants herein shall run in favor of Agency, wi thou t regard to whether Agency has been, remains or is an owner of any land or interest therein in the Property or in the Project Area. Agency shall have the right, if the Restriction or covenants are breached, to exercise all rights and remedies, anal to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curinor of such breaches to which it or any other b n fi i art es of this Restriction and covenants may be entitled. be Acceleration. The whole of the Note Amount (as defined in Section 1.2.b. of the Loan Agreement and all other payments due under the Homebu er Assistance Loan shall become due and i=ediately payable to Agency by Homebu firer upon the occurrence of any one of the following events of acceleration: (i) Homebuyer, in Homebuyer's sole discretion* elects to Transfer the Property for a price in excess of an Affordable Housing Cost, and Transfers the Property; (ii) Horn bu er makes a Prohibited Transfer of title to or any interest in the Property in violation of this Restriction; (iii) Homebuyer refinances any lien or encumbrance to which Agency Deed of Trust is subordinate (each such lien, a "'First Lien" ) for a loan amount in excess of the then current loan balance secured by such lien or encumbrance nce and loan closing costs; (iv) Hornebu firer fails to occupy the Property as Horneb u firer } s principal reside residemce pursuant to Section 7 of the Loan Agreement or is in Default of any other obligation under the Loan Agreement; (v) Homebuyer has an Ownership Default violating any affordable housing terms or provisions of this Restriction. EXHIBIT D-9 TO ATTACHMENT NO. 11 Affordable Hou ina Resale Restriction Igo o 14 67 v 14/200272 -000 E