AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

Browse Search

78 Page 6 Affordable Housing Cost - shall have the meaning set forth in Section 3.04 below. Affordable Rent - shall have the meaning set forth in Section 2.01 below. Allowance Adjustments - shall have the meaning set forth in Section 3.04 below. Eligible First Loan - shall mean a fully amortized fixeqi,.~te first mortgage loan with a term of up to thirty (30) years available from an in~tttptibnal lender, including without limitation, commercial banks, savings banks, cr~Q~;t}Uhions or similar lenders, which loan does not include any of the following: (i) : i ~HpP~,Rf.l)'ment penalty, (ii) loan points in excess of two (2) poi~ts total, and (iii) ad,ditl~t1al p~df~~ing, application ~nd other loan-related fees (exclusive of customary,;~~,,~ Mateo ~~h~ escrow and title charges) in an amount greater than ,li::HP/ Dollars ($ l:t~i:~~,QO). An Eligible First Loan shall not exceed eighty percent (~Qif~r of the sales price'::f~n~~n Affordable Unit. An Eligible First Loan shall not allow a*i4,~table rate~jg~ balloon pa~l1g~nts. f':'~m!'l~: ::if,H~nW .;'W Eligible Second Loan - shall mean a se-C,~p'p' r-OO,ottgage available from a public source such as a First Time HornR::~~y~r prograffi':~H~,~nerally compr~sed of federal or state funds (CaIHFA, CDBG, HO~tti~.fi~~velopmei1t~E~~c). An Eligible Second Loan shall not excee~ five. percent (~%) ~,rt~,~~H~1~ftiP:~.ce fo'f~~}~ffordable Unit. An Eligible Second Loan Will tYPically be "silent", ~~~n1nglp.i~~~n~s wnF~ de~erred for at least fi~e (5) yea~.. The deferre~d~~~~:.of an Ett9,;,~~lei.~~~nCJ~:J;:~~n.. r~'consldered by Lenders In underwntlng to help a~9~'ahft~;.J~:~yer qu~J~11()f an Ehglble First Loan. tJ.n:;..~ j.i! .t::~}~! ::~.[:r.:! ~~. Gross 'nc~ffi[ shall h~~i~e meani~,set forth in Section 3.02 below. Owner-Occ~~~.,~~~ ,~~'~Y~inij;njQ,9t'l~"ants - shall mean the affordability covenan'flr~:~tti.~ntrdfll~JUse of theIPfdJi!~t during the period in which the Project's hOUsi~9:i."ilifs'ar~!S~I~JIS con~p.minium units and the Affordable Units are purchased by Qu$MfiAd' Buyers il!';';,!", h,i',;." '~g;jl1. . '~:;.H'i:~.i '!~.J.rJ.t!.: forth 'i'}~I;~o:.~;~~JMord~mlity Covenants Term - shall have the meaning set tiL\:n;:;~. I ";.~' :.: princip.I~,~,R!si,~~'ij~ - shall mean an Affordable Unit occupied by a Qualified Buyer as his or h~~~f~~~~ary residence. A primary residence is one that is not leased or rented to others for rWOre than thirty (30) days in any calendar year. Qualified Buyers - shall have the meaning set forth in Section 3.02 below. Qualified Lessees - shall have the meaning set forth in Section 2.01 below. REDW\OO01 \OOC\022-3.DOC 12/23/08 900 HvT 3