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NOW THEREFORE, FOR AND IN CONSIDERATION OF THE PROMISES <br />HEREINAFTER MADE, COUNTY AND CONTRACTOR DO MUTUALLY AGREE AS <br />FOLLOWS: <br />I. DEFINITIONS <br />The following terms have the following meanings: <br />"Acquisition Costs" means costs related to acquiring title in fee simple absolute to <br />a Subject Property, including the purchase price, due diligence costs, the payment of any <br />existing liens and title and escrow costs. <br />"A p~ raised Value" means the value of a property established through an appraisal <br />that is (i) made in conformity with the appraisal requirements of the Uniform <br />Redevelopment Authority Act at 49 CFR 24.103 and, (ii) completed within 60 days of <br />the final offer made for the property, as required in the NSP regulations. <br />"Developer. Fee" means an amount equal to 10% of the Total Development Costs <br />per Subject Property, which is paid to Contractor in the following manner: 5% of each <br />development draw request including at acquisition of Subject Property, plus S% of total <br />development costs upon the close of escrow when the rehabilitated Subject Property is <br />sold to either an Eligible Purchaser or an Eligible Non-Profit. <br />"Eligible Non-Profit" means anon-profit public benefit corporation which will <br />own the Subject Property as housing for Very Low Income Households. <br />"Eligible Purchaser" means a person who (i) qualifies as Low Income, Moderate <br />Income, or Middle Income, as defined below, (ii) will occupy the renovated house as his <br />primary residence, and (iii) has completed at least eight hours ofpre-purchase counseling <br />through a counseling agency certified by the U.S. Department of Housing and Urban <br />Development. <br />"Final Approval" means the Housing Director's approval of a particular property <br />for inclusion in the Program, which approval is subject to the execution of Loan <br />Documents. <br />"Foreclosed" means the point in time that, under state or local law, the mortgage <br />or tax foreclosure is complete. A foreclosure is complete once title to the property has <br />been transferred from the former homeowner under some type of foreclosure proceeding <br />or transfer in lieu of foreclosure, in accordance with state or local law. <br />"Housing Costs" means a payment for the homeowner's loan, including principal <br />and interest, plus property taxes, insurance, and utilities, unless otherwise determined by <br />amore restrictive funding source which also funds the resale home. <br />5 of 55 <br />