FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011

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2. The Homebuyer Loan Agreement generally provides for Agency to lend to Homebuyer and for Homebuyer to borrow from Agency a loan in order to assist Homebuyer's purchase of the Property pursuant to the Program and subject to the terms and conditions set forth herein. For a period commencing upon the date on which Homebuyer acquires fee title to the Property and terminating on the forty-fifth (45th) anniversary thereof, the Property may only be transferred to another eligible, qualified Moderate Income Household at an Affordable Housing Cost; such restrictions are set forth at greater length in a document entitled Affordable Housing Resale Restriction (Conditions, Covenants, and Restrictions Affecting Real Property and the Resale, Ownership, Occupancy, Maintenance, and Other Matters Related to Real Property), substantially in the form of Exhibit "D" to the Homebuyer Loan Agreement ("Affordable Housing Resale Restriction"), which has been entered into by and between Agency and Homebuyer, and which is expected to be recorded substantially concurrently herewith among the Official Records of Orange County, California. The Affordable Housing Resale Restriction and the Homebuyer Loan Agreement are deemed to be incorporated herein by reference. 3. Section 4 of the Affordable Housing Resale Restriction provides as follows: " % Permitted Sales of the Property. Agency hereby permits sales of the Property to proposed Transferees who are Moderate Income Households, and are approved in accordance with this Section 4, provided the Sales Price does not exceed an Affordable Housing Cost to such proposed Transferee ("Permitted Transfers"). In the event that Homebuyer desires to Transfer the Property during the Affordability Period, prior to the Transfer the owner shall notify Agency by delivering a Notice of Intent to Transfer to Agency, which shall indicate the identity of the proposed Transferee who desires to purchase the Property, whether the purchaser is a Moderate Income Household, and whether the sales price is at an Affordable Housing Cost. In addition to Homebuyer's and the proposed Transferee's delivery of the Notice of Intent to Transfer, the following procedure shall apply: a. Notice to Agency. Homebuyer shall send the Notice of Intent to Transfer to Agency at the address set forth in Section 24. b. Qualification of Proposed Transferee. The proposed Transferee shall provide Agency with sufficient information in the form provided by Agency including without limitation, a certification as to the income and family size of the proposed Transferee, for Agency to determine if the proposed ATTACHMENT NO. 12-2 DOCSOCl1400673v 141200272-0001