ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT E "Homebuyer" shall mean the qualified Low or Moderate Income Household that originally purchases the NSP Assisted Unit from the Developer. "Low Income" means an adjusted income which does not exceed eighty percent (80%) of the Orange County, California PMSA, adjusted for household size, as published by HUD. "Moderate Income" means an adjusted income which does not exceed one hundred twenty percent (120%) of the Orange County, California PMSA, adjusted for household size, as published by HUD. "Neighborhood Stabilization Program" (NSP) has the meaning set forth in the Recitals above. "Propert y" shall mean each piece of real property acquired pursuant to the terms of the Agreement. "Sale" shall mean any transfer, assignment, or conveyance or lease of the Property or any portion thereof, or any interest therein by the Borrower, and includes any transfer, assignment or sale of any partnership interest in the Borrower by an individual or entity which is a general or limited partner in the Borrower, or any interest by any individual or entity which holds an interest in any such general or limited partner in the Borrower, which brings the cumulative total of all such direct and indirect transfers, assignments and sales during the term of this Note to more than thirty-five percent (35%) of the ownership interests in the Borrower, and any such transfer, assignment or sale of a direct or indirect partnership interest thereafter. Sale includes a sale in condemnation or under threat thereof. Sale does not include dedications and grants of easements to public and private utility companies of the kind customary in real estate development. 2. This Note evidences the obligation of Borrower to the City for the repayment of the City Loan of NSP Funds attributable to the acquisition and rehabilitation (if any) of the Property. 3. This Note is payable at the principal office of City of Santa Ana - Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Att: Housing Division, or at such other place as the holder hereof may inform Borrower in writing, in lawful money of the United States. 4. This Note shall be secured by the Deed of Trust. 5. Upon the City approved Sale of the Property to a Low or Moderate Income Household for the Affordable Sales Price pursuant to the terms of the Agreement, the loan will be transferred to the Homebuyer. The loan amount will be the amount of NSP Funds to create this homeownership opportunity which will be determined based on 2