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2. The Homebuyer Loan Agreement generally provides for Agency to <br />lend to Homebuyer and for Homebuyer to borrow from Agency a loan in order to <br />assist Homebuyer's purchase of the Property pursuant to the Program and subject <br />to the terms and conditions set forth herein. For a period commencing upon the <br />date on which Homebuyer acquires fee title to the Property and terminating on the <br />forty-fifth (45th) anniversary thereof, the Property may only be transferred to <br />another eligible, qualified Moderate Income Household at an Affordable Housing <br />Cost; such restrictions are set forth at greater length in a document entitled <br />Affordable Housing Resale Restriction (Conditions, Covenants, and Restrictions <br />Affecting Real Property and the Resale, Ownership, Occupancy, Maintenance, and <br />Other Matters Related to Real Property), substantially in the form of Exhibit "D" <br />to the Homebuyer Loan Agreement ("Affordable Housing Resale Restriction"), <br />which has been entered into by and between Agency and Homebuyer, and which is <br />expected to be recorded substantially concurrently herewith among the Official <br />Records of Orange County, California. The Affordable Housing Resale <br />Restriction and the Homebuyer Loan Agreement are deemed to be incorporated <br />herein by reference. <br />3. Section 4 of the Affordable Housing Resale Restriction provides as <br />follows: <br />" 4. Permitted Sales of the Property. Agency hereby permits sales <br />of the Property to proposed Transferees who are Moderate Income Households, <br />and are approved in accordance with this Section 4, provided the Sales Price does <br />not exceed an Affordable Housing Cost to such proposed Transferee ("Permitted <br />Transfers"). In the event that Homebuyer desires to Transfer the Property during <br />the Affordability Period, prior to the Transfer the owner shall notify Agency by <br />delivering a Notice of Intent to Transfer to Agency, which shall indicate the <br />identity of the proposed Transferee who desires to purchase the Property, whether <br />the purchaser is a Moderate Income Household, and whether the sales price is at an <br />Affordable Housing Cost. In addition to Homebuyer's and the proposed <br />Transferee's delivery of the Notice of Intent to Transfer, the following procedure <br />shall apply: <br />a. Notice to Agency. Homebuyer shall send the Notice of Intent <br />to Transfer to Agency at the address set forth in Section 24. <br />b. Qualification of Proposed Transferee. The proposed <br />Transferee shall provide Agency with sufficient information in the form provided <br />by Agency including without limitation, a certification as to the income and family <br />size of the proposed Transferee, for Agency to determine if the proposed <br />ATTACHMENT NO. 12-2 <br />DOC800 140G673v 14/200272-0001