Agmt00 Purchase Agreement Habitat for Humanity - Rolison Haven

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Income limits will be provided by the City's Housing Coordinator for applicants who submit their application to Peninsula Habitat for Humanity in 2001 or a later year, each applicable year until all 36 units are occupied. Mortgage terms to Beneficiary shall provide a monthly payment not to exceed 30% of adjusted gross household income. Household income shall be reviewed annually by Peninsula Habitat and payments adjusted accordingly during the life of this agreement. 9. Maximum Per Unit Subsidy Peninsula Habitat shall cause HOME funds allocated to this project not to exceed the maximum per unit subsidy amount as defined by HOME regulations. Unit Type Maximum per unit HOME Subsidy Studio $ 74,340 1—bedroom $ 85,006 2 -bedroom $103,622 3 -bedroom $134,051 4 -bedroom $147,147 5. Affordability Deed Restriction Peninsula Habitat shall record an Affordability Deed Restriction containing the provisions of Addendum to Grant Deed, incorporated herein as Attachment 4to this Agreement at the time of sale when Beneficiary acquires title to the dwelling to be built on the site being funded under this Agreement. The term of said deed restriction shall be no less than thirty (30) years from date of recordation of sale to Beneficiary or shall equal the term of the mortgage whichever is longer. 10. Due on Sale Subject to City and Agency approval, if Habitat elects to sell, assign or transfer the Property or any part thereof to a third party, the sale, assignment or transfer shall be to a nonprofit corporation approved by City and Agency. The sale, assignment or transfer must be for no more than the costs and expenses incurred by Habitat to date of sale, assignment or transfer. The purchaser, assignee or transferee shall be bound by all the terms, conditions and restrictions of the documents between Habitat, City and Agency executed by the parties in connection with the transfer of the Property by Agency to Habitat. -7- Requirements - h2 FXS;fs 04-14-00