Agmt21 Home Program Affordable Housing Regulatory

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"Transfer•' is defined in Section 5.1. "Transfer Notice" is defined in Section 5.3. 2. OWNER'S REPRESENTATIONS AND WARRANTIES. Owner hereby acknowledges, represents and warrants the following as of the Effective Date: (1) Owners household: (a) is a Low Income Household; (b) meets the following household size definitions: 1. For 1 Bedroom Units: 1 — 3 persons per household 2. For 2 Bedroom Units: 2 — 5 persons per household 3. For 3 Bedroom Units: 4 — 7 persons per household (2) Owner certifies that Owner will promptly and continually occupy the Home as Owner's principal place of residence throughout the time that Owner owns the Home during the Term; (3) Owner agrees that Owner will not lease, rent or sublet any portion of the Home to any relative of Owner or to any third party except as expressly permitted by this Agreement; (4) Owner is a First-time Homebuyer (as defined above in Section 1); and (5) Owner agrees to the restrictions on the use and occupancy, resale and transfer of the Home during the Term of this Agreement, and acknowledges and understands that the resale restrictions shall be applicable to the Home and to any resale of the Home during the Term of this Agreement. Initials of Owner 3. TERM Dated: This Agreement shall restrict the use and sale of the Home by Owner throughout the Term of this Agreement. In the event of resale of the Home during the Term of this Agreement, the new Eligible Household purchasing the Home shall be obligated, as a condition of purchase, to enter into (i) a Grant of Option to Repurchase and Resale Restriction Agreement on terms similar to the terms of this Agreement, with a term of fifty-five (55) years, (ii) a Homebuyer Deed of Trust for the benefit of City; (iii) a HOME Homebuyer Promissory Note for the benefit of the City; and (iv) a HOME Homebuyer Deed of Trust for the benefit of the City. Upon the recordation of the new Grant of Option to Repurchase and Resale Restriction Agreement, Homebuyer Deed of Trust, HOME Homebuyer Promissory Note, and HOME Homebuyer Deed of Trust, this Agreement shall no longer have any force and effect, and the Homebuyer Deed of Trust, HOME Homebuyer Note, and HOME Homebuyer Deed of Trust shall be released and reconveyed. 4. OCCUPANCY RESTRICTIONS AND CERTIFICATION During the Term of this Agreement, Owner must occupy the Home as Owner's principal residence. Owner shall be presumed to be occupying the Home as Owner's principal residence if Owner is living in the Home for at least ten (10) months out of each calendar year. Owner shall not Transfer (as defined in Section 5 below) possession of the Home or any portion of it without Habitat's prior written consent. Except as so provided in this Agreement, all leasing or rental of the Home shall be deemed a Transfer, and subject to the provisions of this Agreement. Any lease or rental in violation of the provisions of this Agreement shall be prohibited and void. Upon request from Habitat, Owner shall submit to Habitat a certification that Owner has occupied the Home as Owner's principal residence for at least 10 months out of the preceding 12 month period and that during such period, Owner has not leased or otherwise SF #4815-2365-6406 v1 REV: 05-19-2021 SK