FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011

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7. Occupancy Standards. The Property shall be used as the principal personal residence of the Homebuyer and the Homebuyer's immediate family and for no other purpose. The Homebuyer shall not enter into an agreement for the rental or lease of all or any part of the Property. The Homebuyer shall not rent out a room or rooms in the Property. The Homebuyer may request a temporary waiver of the foregoing requirement in the event of extreme hardship requiring the Homebuyer to move to another geographical area or to less expensive housing, including, for example and without limitation, transfer of job location, loss of job, or unexpected major expenses. The Agency may approve or disapprove such request in its sole discretion, and may require as a condition of approval that the Homebuyer only rent the Property to Eligible Persons and Families, subject to the maximum affordable rent limit applicable to Moderate Income Households as set forth in Health & Safety Code Section 50053. The Homebuyer shall, upon demand by the Agency, submit to the Agency an affidavit of occupancy verifying the Homebuyer's compliance with this Section 7. Such affidavit may be required by the Agency on an annual basis. 8. Income Certification. The Homebuyer has submitted an application and additional information verifying income eligibility to the Developer and the Agency prior to execution of this Agreement. The Homebuyer represents, warrants, and declares under penalty of perjury to the Agency that all information the Homebuyer has provided and will provide in the future to the Developer and the Agency is and will be true, correct and complete. The Homebuyer acknowledges that the Agency is relying upon the Homebuyer's representations as to income, household size, assets and other information to determine whether the Homebuyer is a Moderate Income Household and the Agency would not have entered into this Agreement if the Homebuyer did not so qualify. In the event that the Agency discovers that any of such information is materially untrue, the Agency may declare the Homebuyer Assistance Loan and the Contingent Equity Participation Amount, if any, immediately due and payable. 9. Monthly Housing Cost Information. The Homebuyer's anticipated Monthly Housing Costs at the time of this Agreement, and at the time of Homebuyer's acquisition of the Property, must not exceed Affordable Housing Cost, determined as follows: 9.1 Affordable Housing Cost - Moderate Income Household. The Homebuyer (and all successors thereto during the 45-year Affordability Period) shall be a Moderate Income Household as defined in Health & Safety Code Sections 50052.5 and 50093 (or successor statutes) and the implementing regulations thereto promulgated by the Housing and Community Development Department of the State of California. "Affordable Housing Cost" means the purchase price for Moderate Income Households pursuant to California Health & Safety Code Section 50052.5, the implementing regulations of Sections 6920, 6924 and 6930 of Title 25 of the California Code of Regulations for Moderate Income Households, 10. Co-Signers and Co-Mortgagors. The income of individuals who sign only the Note ("co-signers") and individuals who sign both the Note and the grant deed ("co- mortgagors") will be included for determining whether the Homebuyer is a Moderate Income Household. All such co-signers and co-mortgagors must be part of the Homebuyer's household and must reside in the Property. Non-occupants of the Property may not serve as co-signers or co-mortgagors, nor may such individuals hold title to or any other property interest in the Property. ATTACHMENT NO. 11-11 Form of Homebuyer Loan Agreement DOCSOC/1400673041200272-0001