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E. Homebuyer has represented to Agency that Homebuyer and Homebuyer's <br />household intend to reside in the Property as Homebuyer's principal residence at all times during <br />Homebuyer's ownership of the Property. <br />NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: <br />1. Definitions <br />"Affordability Period" means that period of time commencing upon the Date of this <br />Restriction and terminating on the forty-fifth (45th) anniversary of such date. <br />"Affordable Housing Cost" means the purchase price for Moderate Income Households <br />pursuant to California Health & Safety Code Section 50052.5, the implementing regulations of <br />Sections 6920, 6924 and 6930 of Title 25 of the California Code of Regulations for Moderate <br />Income Households <br />Notwithstanding the provisions of this Restriction, if the Property is sold during the <br />Affordability Period by Homebuyer to a Moderate Income Household, and the Sales Price does <br />not exceed an "Affordable Housing Cost" to such Buyer, then so long as the Maker is not in <br />default (either Ownership Default or Maintenance Default) of the Agreement, this Note may be <br />assumed by the eligible Buyer by an assignment and assumption agreement that is reasonably <br />acceptable to Agency. Upon the effective date of such assignment and assumption, the assigning <br />Homebuyer shall no longer be liable for any further obligations under the Loan Agreement or <br />this Restriction that accrue after the date of such assignment and assumption. In order to verify <br />the Buyer's status as a Moderate Income Household, Homebuyer shall submit to the Agency the <br />identity of the proposed Buyer and adequate information evidencing the income and household <br />size of the proposed Buyer. Said income information shall be submitted together with the notice <br />of proposed sale pursuant to Section 2 of the Loan Agreement not less than thirty (30) days prior <br />to opening of escrow for the proposed sale and shall include original or true copies of pay stubs, <br />income tax records or other financial documents in order that the Agency may determine and <br />verify the household income of the proposed Buyer to determine whether the Buyer is a <br />Moderate Income Household, and whether the Property is being transferred to such Buyer at an <br />Affordable Housing Cost. If the Agency is unable to verify the Buyer's income as provided <br />herein prior to the proposed sale, then the Buyer's income shall be deemed to exceed the <br />maximum allowable income limit for Eligible Persons and Families. <br />"City" means the City of Santa Ana, California, a California municipal corporation, and <br />the City's successors and assigns. <br />"County" means the County of Orange, California. <br />"Date of this Restriction" means the date in the first paragraph of this Restriction. <br />"Default" means the failure of a party to perform any action or covenant required by this <br />Restriction within the time periods provided herein following notice and opportunity to cure. <br />The term default also includes an Ownership Default and a Maintenance Default as more fully <br />defined and described herein. Notwithstanding the foregoing for purposes of acceleration of the <br />Homebuyer Assistance Loan, or initiation of foreclosure proceedings there shall be a distinction <br />EXHIBIT D-2 TO ATTACHMENT NO. 11 <br />Affordable Housing Resale Restriction <br />D OC S OCJ 1400673 v 141200272-0001