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202500254 <br />construction of that real property as described on Exhibit A, attached hereto, and made a part <br />hereof (the "Property") in accordance with its Affordable Housing Program. <br />WHEREAS, Owner desires to set forth in this Agreement those conditions and <br />circumstances, whereby the Bank shall be entitled to the repayment of funds in connection with <br />the Bank's provision, through Member, of the Subsidy (as hereinafter defined) to Owner. <br />NOW THEREFORE, in consideration of the receipt of the Subsidy (as hereinafter defined), <br />and for other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the Owner hereby agrees to be bound as follows: <br />1. The Subsidy. As of the Effective Date of this Agreement, Owner acknowledges <br />and agrees that Member has caused the disbursement of the proceeds of a subsidy to Owner in the <br />amount of Ten Thousand 00/100 Dollars ($10,000.00 ) (the <br />"Subsidy") in connection with the purchase or purchase in conjunction with rehabilitation of the <br />Property. <br />2. Retention/Retention Period. Owner hereby acknowledges and agrees that Owner's <br />receipt of the Subsidy is hereby conditioned upon Owner's acceptance of those restrictions with <br />respect to the sale or refinancing of the Property in order to ensure that the Subsidy is used for the <br />purchase or purchase in conjunction with rehabilitation, or construction, of housing that is <br />defined as affordable housing by 12 C.F.R. Part 1291. In order to qualify and maintain the <br />Subsidy, Owner shall comply with the terms and provisions set forth in this Agreement for a <br />period of five (5) years from the Effective Date of this Agreement (the "Retention Period"). <br />3. Owner's Representations and Warranties. Owner hereby represents and warrants <br />to Bank and Member the following: <br />(a) Use of Subsidy. Owner shall use the Subsidy to fund the costs of purchasing or <br />purchasing in conjunction with rehabilitating, or constructing, the Property in <br />compliance with (i) the AHP Regulations and (ii) the Affordable <br />Housing Program Implementation Plan, guidelines, policies, procedures, <br />and requirements of the Bank, or any successor in interest to the Bank, as may <br />be in effect from time to time (collectively, the "AHP Policies"). Except as <br />specifically set forth in this Agreement, the Subsidy may be retained by <br />Owner without any obligation of repayment; and <br />(b) Notice of Sale or Refinance Prior to Expiration of Retention Period. Owner <br />hereby acknowledges and agrees that, in the event of any sale, transfer, <br />assignment of title or deed, or refinancing of the Property occurring during the <br />Retention Period, Owner shall provide written notice to the Member and to the <br />Bank, electronically, at Repayments(a,thlbc.com, or to such other address as <br />otherwise directed by the Bank or the Member. <br />4. Bank's Right to Repayment. Owner hereby acknowledges that if, during the <br />Retention Period, the Property is sold, transferred, or there is an assignment of title or deed to a <br />third party, or the Property is refinanced, the Bank shall be repaid the lesser of (i) the Subsidy, <br />