202500254 - Laserfiche WebLink

Browse

202500254 reduced on a pro rata basis per month until the Property is sold, transferred, its title or deed assigned, or is refinanced during the five-year Retention Period or (ii) any net proceeds from the sale, transfer, assignment of title or deed, or refinancing of the Property, minus the AHP-assisted household's investment in the Property. Owner acknowledges that Member has agreed to facilitate reimbursement of the amount of the Subsidy to be repaid to the Bank. 5. Events of Non -Repayment. Owner hereby acknowledges the following: (a) Affordable Housing Program Advance. In the event that Owner sells, transfers, assigns the title or deed, or refinances the Property during the Retention Period, and such Property was assisted with a permanent mortgage loan funded by an Affordable Housing Program subsidized advance, then Owner shall not be required to repay any portion of the Subsidy. (b) Sale of Property to an Eligible Third Party. If Owner sells, transfers, or assigns the title or deed to the Property, during the Retention Period, to a low- or moderate -income household as determined by the Bank, then Owner shall not be required to repay any portion of the Subsidy. For any sale, transfer, or assignment of the Property, the Bank or the Member will determine the subsequent household's income using a Bank approved sales price proxy set forth in the Bank's AHP Implementation Plan, unless documentation demonstrating that household's actual income is available. (c) Refinancing during the Retention Period. In the event that Owner refinances during the Retention Period, and the Property remains subject to the encumbrance created by this Agreement, or another legally enforceable retention agreement or mechanism as permitted under the AHP Policies, then Owner shall not be required to repay any portion of the Subsidy. (d) Amount of Repayment is $2,500 or Less. In the event that the amount of repayment calculated pursuant to Section 4, above, is $2,500 or less, then Owner shall not be required to repay any portion of the Subsidy. 6. Termination Events. Owner hereby acknowledges and agrees that the obligation to repay the Subsidy to the Bank shall terminate after the occurrence of any of the following events, which each shall constitute a Termination Event: (a) In the event the Property is foreclosed upon or conveyed via transfer by deed -in -lieu of foreclosure; or (b) In the event of an assignment of the Federal Housing Administration first mortgage to the U.S. Department of Housing and Urban Development (c) Upon the death of Owner during the Retention Period, even if the Property is transferred to the heirs of the deceased Owner by sale, transfer, assignment, or otherwise.