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Transferee is a Moderate Income Household, and the purchase price is at an <br />Affordable Housing Cost. <br />C. Certificates from Parties. Homebuyer and proposed <br />Transferee each shall certify in writing, in a form acceptable to Agency, that the <br />Transfer shall be closed in accordance with, and only with, the terms of the sales <br />contract and other documents submitted to and approved by Agency and that all <br />consideration delivered by the proposed Transferee to owner has been fully <br />disclosed to Agency. The written certificate shall also include a provision that in <br />the event a Transfer is made in violation of the terms of this Restriction or false or <br />misleading statements are made in any documents or certificate submitted to <br />Agency for its approval of the Transfer, Agency shall have the right to file an <br />action at law or in equity to make the parties terminate and/or rescind the sales <br />contract and/or declare the sale void notwithstanding the fact that the Transfer may <br />have closed and become final as between Homebuyer and Transferee. <br />d. Written Consent of Agency Required Before Transfer. <br />During the Affordability Period, the Property, and any interest therein, shall not be <br />conveyed by any Transfer except with the express written consent of Agency, <br />which consent shall be given only if the Transfer is in accordance with the <br />provisions of this Restriction. This provision shall not prohibit the encumbering of <br />title for the sole purpose of securing financing of the purchase price of the <br />Property. <br />e. Notice of Prohibited Transfer. Within twenty (20) days after <br />receiving notification of a proposed Transfer in accordance with Section 4a., <br />Agency shall determine and give notice to Homebuyer as to whether the proposed <br />Transfer is a Permitted Transfer or Prohibited Transfer, or whether the Transfer <br />would cause an acceleration under the Note under Section 1.f. of the Agreement, in <br />which case, upon Homebuyer's payment of the Contingent Equity Participation <br />Amount as set forth in Section 3 of the Agreement such Transfer would be deemed <br />a Permitted Transfer. In the event that the proposed Transfer is a Prohibited <br />Transfer, such notice to Homebuyer shall specify the nature of the Prohibited <br />Transfer. If the violation is not corrected to the satisfaction of Agency within ten <br />(10) days after the date of the notice, or within such further time as Agency <br />determines is necessary to correct the violation, Agency may declare a Default <br />under this Restriction. Upon the declaration of a Default, Agency may apply to a <br />court of competent jurisdiction for specific performance of this Restriction, for an <br />injunction prohibiting a proposed sale or Transfer in violation of this Restriction, <br />for a declaration that the Prohibited Transfer is void, or for any such other relief as <br />may be appropriate. <br />DOCSOC11400673A 4/200272-OW 1 <br />ATTACHMENT NO. 12-3