Laserfiche WebLink
that the Property shall be subject to the provisions of these INCOME AND OWNER -OCCUPANCY <br />COVENANTS AND RESALE RESTRICTIONS (the "Affordability Covenants"). <br />Definitions: Unless otherwise defined, the following capitalized terms shall be defined in these <br />Covenants as follows: <br />"City Deed of Trust" means the deed of trust securing the City Loan, in the form attached to ' <br />the Loan Agreement as Exhibit B and incorporated herein by reference. <br />"City Load" means the deferred loan of Inclusionary Housing Funds fo. be made by the City <br />to Borrower in the principal amount of $ in accordance with the Loan` <br />Agreement. <br />"City Promissory Note" means the promissory note in favor of the City, evidencing the City <br />Loan, in the form attached to the Loan Agreement as `Eihibit C and incorporated herein by <br />reference. <br />"Eligible Person or Family" means a person or family (1),with household.annual income of <br />less than 120% of the area median income for the City, adjusted for family size; (2) who is a <br />"First -Time Homebuyer", and (3) who is,purchasing a single\family residence for occupancy <br />as his, her or their principal residence. ' <br />"Escrow Agent" means <br />"Excess Refinancing Proceeds" means the amount of cash received by Borrower as the result <br />of any refinancing of the First Mortgage Loan for a loan amount in excess of the then -current <br />loan balance of the First Mortgage Loan. <br />"First Mortgage Loan" means the loan to Borrower from in the <br />amount of $ or any loan obtained by Borrower to <br />refinance the First Mortgage Loan. <br />"First-Time`Homebuyer" means an individual or an individual and his or her spouse who <br />have not owned a home during the three-year period before the purchase of the Property. <br />The term includes displaced homemakers and single parents as defined in 24 CFR Part 92.2. <br />"Income And Owner=Occupancy Covenants and Resale Restrictions (the "Affordability <br />Covenants") means this document entitled "Income and Owner -Occupancy Covenants and <br />Resale Restrictions". <br />"Low Income" means <br />"Moderate Income" means <br />"Property" means the real property described in the legal description attached to the Loan <br />Agreement as Exhibit "A" and incorporated herein by reference. <br />"Purchase Price" means the entire purchase price to be paid by Borrower for the Property. <br />-2- <br />25C-32 <br />