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SAN LEANDRO ADMINISTRATIVE CODE TITLE 26 REDEVELOPMENT AGENCY Chapter 2 Rules and Regulations-1981 Residential Mortgage Revenue Bonds Properties may be purchased by a Resident Homebuyer with a Mortgage Loan equal to ninety- five percent (95%) of the purchase price of the Property or ninety-five percent (95%) of the appraised value of the Property, whichever is less, and two bedroom Properties and two bedroom with den Properties may be purchased by a Resident Homebuyer with a Mortgage Loan of not less than ninety percent (90%) of the purchase price of the Property or ninety percent (90%) of the appraised value of the property, whichever is less. &26.2.310: ASSESSMENT OF LOANS. Any Mortgage Loan may be assumed upon the Participating Party's sale, transfer or other disposition of the Property, if the purchaser of such Property demonstrates his or her creditworthiness to assume such Mortgage Loan. &26.2.315: TAX EXEMPTION. No person (or any "related person" as defined in Section 103 (b)(6)(C) of the Internal Revenue Code of 1954, as amended) from whom the Agency may acquire or through whom the Agency may make Mortgage Loans shall, pursuant to an arrangement, formal or informal, purchase Bonds in an amount related to the amount of Mortgage Loans to be purchased from or made through such Person. ARTICLE 4-MISCELLANEOUS &26.2.400: WAIVER. No failure on the part of the Agency to enforce any rule or regulation herein contained, or any waiver of any right hereunder, shall discharge or invalidate such rule or regulation or affect the right of such party to enforce the same in the event of any subsequent breach of default. Failure to demand strict performance of any of these rules and regulations shall not be deemed a waiver of such rule or regulation. &26.2.405: GOVERNING LAW. All questions with respect to the construction of these Rules and Regulations shall be governed by the laws of the State of California. &26.2.410: SELECTION HEADINGS. The headings of the several sections of these Rules and Regulations, and any table of contents appended hereto, shall be solely for convenience of reference and shall not affect the meaning, construction or effect hereof. &26.2.415: SEVERABILITY. If anyone or more of the provisions contained in these Rules and Regulations shall for any reason be held to be invalid, illegal or unenforceable in any respect, then such provision or provisions shall be deemed severable from the remaining provisions hereof and such invalidity, illegality or enforceability shall not affect any other provision hereof, and these Rules and Regulations shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. Department Responsible for Revision: Redevelopment Agency 01/02/2007 Chapter 26.2 Page 4