RecDoc1999-207282 1205 Warren Ave.

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II�VINI�IIPINIIAIIIINIIIIINI�IIMI�IINI oa'�:�1 9"'° Purchaser") at the Transfer Amount in accordance with the terms set forth in this Resale Agreement. a. TRANSFER TO ELIGIBLE PURCHASER: If the Owner Transfers the Unit to an Eligible Purchaser in a transaction that meets the requirements of Section 8, above, City and Agency, respectively, may waive payments of any sums owed by the Owner to City or Agency, as well as any other obligations of the Owner to the Agency, pursuant to the Note, the Agency Note and the Resale Agreement, provided that the Owner assigns to the Eligible Purchaser and the Eligible Purchaser assumes from the Owner all obligations existing under the Note. the Agency Note and respective deeds of trust and this Resale Agreement and executes new original documents. Until new promissory notes, deeds of trust, and a new Resale Agreement are executed by the Eligible Purchaser, no payments or obligations of the Owner will be waived. Any waiver extended by City or Agency to the Owner pursuant to this Section shall apply only to the Owner and only to the particular Transfer transaction relating to such Eligible Purchaser, and shall not automatically apply to any subsequent owner. In the event that Agency acts as the Eligible Purchaser, Agency agrees to transfer the Unit to an Eligible Purchaser as set forth in Section 8. b. DISCLOSURES AND SUBMITTAL: The Owner and the Owner's Proposed, Purchaser shall provide the following information to Agency: (1) The name, address, and telephone number of the Proposed Purchaser. (2) A signed financial statement of the Proposed Purchaser in a form acceptable to Agency, and any other supporting financial and other documentation, including documentation of the sales transaction, requested by Agency. The financial information shall be used by Agency to determine the income eligibility of the Proposed Purchaser. (3) A written certification from the Owner and the Proposed Purchaser, in a form acceptable to Agency, that certifies that neither the Proposed Purchaser nor any other party has paid nor will pay to Owner, and the Owner has neither received nor will receive from the Proposed Purchaser or any other party, money, benefit, thing of value, or other consideration in addition to what is set forth in the sales contract and documents submitted to Agency, including personal property. C. TRANSFER TO INELIGIBLE PURCHASERS: Subject to Agency's prior written consent, the Owner Transfers the Unit in a transaction that does not meet the requirements of Section 8, or if Agency does not waive payment, as set forth in paragraph 10 a., above, the Owner shall Transfer the Unit for an amount not more than the Transfer Amount on the date of Transfer. Proceeds of the Transfer shall be applied in the following priority, to the extent that proceeds continue to be available: (1) Outstanding sums owed under the First Mortgage;