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202401229
<br />which is more fully described as follows:
<br />Lot Eighteen (18) and the East Three (3) Feet of Lot Seventeen (17), in Block Two (2),
<br />Continental Gardens, an Addition to the City of Grand Island, Hall County, Nebraska.
<br />(or as attached hereto as Exhibit A and made a part hereof) (the "Property").
<br />Borrower hereby agrees to maintain ownership of the Property for a period of five years (60 months) (the
<br />"Retention Period") from the closing date for the purchase of the Property as evidenced by the closing
<br />disclosure. Borrower further agrees that:
<br />1. FHLBank, at P.O. Box 176, Topeka, KS 66601-0176, Attention: Housing and Community Development, is to
<br />be given immediate written notice of any sale, transfer, assignment of title or deed, or refinancing of this
<br />Property occurring before the end of the Retention Period.
<br />2. Any repayment of the Subsidy shall be made to FHLBank.
<br />3. Repayment of AHP, HSP, and HSP+.
<br />a. 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 4 below unless:
<br />(i) the Property was assisted with a permanent mortgage loan funded by an AHP -subsidized
<br />advance; (ii) the subsequent purchaser, transferee, or assignee is a low-, or moderate -income
<br />household, or proxy for such household, as defined in the AHP Implementation Plan (IP); (iii) the
<br />amount of the AHP subsidy that would be required to be repaid is $2,500 or less; or (iv) following
<br />a refinancing, the Property continues to be subject to a deed restriction or other legally
<br />enforceable retention agreement or mechanism as required by the Rules
<br />b. In the case of a sale, transfer, assignment of title or deed, or refinancing of the Property before the
<br />end of the Retention Period, the amount of AHP subsidy the Borrower is required to repay shall be
<br />the lesser of:
<br />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 (ii) Any
<br />Net Proceeds, as defined in the AHP IP, from the sale, transfer, or assignment of title or deed of
<br />the unit, or the refinancing, as applicable, minus the AHP -assisted Household's Investment, as
<br />defined in the AHP IP.
<br />c. In the case of a foreclosure, transfer by deed -in -lieu of foreclosure, or assignment of a Federal
<br />Housing Administration first mortgage to the Secretary of HUD, FHLBank must be given notice of such
<br />events, and the obligation to repay the direct Subsidy to FHLBank shall terminate upon the final
<br />settlement or disposition of the foreclosure, transfer by deed -in -lieu of foreclosure, or assignment,
<br />or death of the Borrower. Upon the death of Borrower, this Agreement terminates and there is no
<br />obligation to repay the Subsidy.
<br />4. Repayment of HOPE Subsidy
<br />a. In the case of sale, transfer, assignment of title or deed, or refinancing of the unit by a household
<br />during the retention period, the household is required to repay the HOPE subsidy, reduced on a pro
<br />Page 2 of 3 Revised: February 16, 2024
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