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201902576
<br />which is more fully described as follows:
<br />Lot Fifteen (15), Block Two (2), Parkhill Subdivision, an Addition to the City of Grand Island, Hall County,
<br />Nebraska.
<br />(or as attached hereto as Exhibit A and made a part hereof) (the "Property").
<br />Borrower hereby agrees to maintain ownership of and reside in the Property as their primary residence
<br />for a period of five years (60 months) (the "Retention Period") from the closing date for the purchase of
<br />the Property as evidenced by the closing disclosure. Borrower further agrees that:
<br />1. FHLBank, at P.O. Box 176, Topeka, KS 66601-0176, Attention: Housing and Community Development,
<br />is to be given immediate written notice of any sale, transfer, assignment of title or deed, or refinancing
<br />of this Property occurring before the end of the Retention Period.
<br />2. In the case of the sale, transfer, assignment of title or deed, or refinancing of the Property before the
<br />end of the Retention Period (including a transfer or assignment of the title or deed to another owner,
<br />subject to certain exceptions outlined herein), Borrower shall repay to FHLBank the amount of AHP
<br />subsidy calculated in accordance with paragraph 3 below unless: (i) the Property was assisted with a
<br />permanent mortgage loan funded by an AHP -subsidized advance; (ii) the subsequent purchaser,
<br />transferee, or assignee is a low-, or moderate -income household, or proxy for such household, as
<br />defined in the AHP Implementation Plan (IP); (iii) the amount of the AHP subsidy that would be
<br />required to be repaid is $2,500 or less; or (iv) following a refinancing, the Property continues to be
<br />subject to a deed restriction or other legally enforceable retention agreement or mechanism as
<br />required by the Rules.
<br />3. Repayment of Subsidy Calculation. In the case of a sale, transfer, assignment of title or deed, or
<br />refinancing of the Property before the end of the Retention Period, the amount of AHP subsidy the
<br />Borrower is required to repay shall be the lesser of:
<br />a. The AHP subsidy, reduced on a pro rata basis per month until the unit is sold, transferred, or its
<br />title or deed transferred, or is refinanced, during the AHP five-year retention period; or
<br />b. Any Net Proceeds, as defined in the AHP IP, from the sale, transfer, or assignment of title or
<br />deed of the unit, or the refinancing, as applicable, minus the AHP -assisted Household's
<br />Investment, as defined in the AHP IP.
<br />4. In the case of a foreclosure, transfer by deed -in -lieu of foreclosure, or assignment of a Federal Housing
<br />Administration first mortgage to the Secretary of HUD, FHLBank must be given notice of such events,
<br />and the obligation to repay the direct Subsidy to FHLBank shall terminate upon the final settlement
<br />or disposition of the foreclosure, transfer by deed -in -lieu of foreclosure, or assignment, or death of
<br />the Borrower. Upon the death of Borrower, this Agreement terminates and there is no obligation to
<br />repay the Subsidy.
<br />Page 2 of 3 Revised: April 12, 2019
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