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ATTACHMENT l(b) <br />BEFORE COMPLETING A PROGRAM APPLICATION, YOU SHOULD <br />CAREFULL Y REVIEW ANY MORTGAGE AGREEMENT(S) OR OTHER <br />SECURITY INSTRUMENT(S) WHICH AFFECT THE PROPERTY OR TO <br />WHICH YOU AS THE PROPERTY OWNER ARE A PARTY. ENTERING <br />INTO A PROGRAM ASSESSMENT CONTRACT WITHOUT THE CONSENT <br />OF YOUR EXISTING LENDER(S) COULD CONSTITUTE AN <br />EVENT OF DEFAULT UNDER SUCH AGREEMENTS OR SECURITY <br />INSTRUMENTS. DEFAULTING UNDER AN EXISTING MORTGAGE <br />AGREEMENT OR SECURITY INSTRUMENT COULD HAVE SERIOUS <br />CONSEQUENCES TO YOU, WHICH COULD INCLUDE THE <br />ACCELERATION OF THE REPAYMENT OBLIGATIONS DUE UNDER SUCH <br />AGREEMENT OR SECURITY INSTRUMENT. IN ADDITION, <br />FANNIE MAE AND FREDDIE MAC, THE OWNER OF A SIGNIFICANT <br />PORTION OF ALL HOME MORTGAGES, STATED THAT THEY WOULD <br />NOT PURCHASE HOME LOANS WITH ASSESSMENTS SUCH AS THOSE <br />OFFERED BY THE AUTHORITY. THIS MAY MEAN THAT PROPERTY <br />OWNERS WHO SELL OR REFINANCE THEIR PROPERTY MAY BE <br />REQUIRED TO PREPAY SUCH ASSESSMENTS AT THE TIME THEY <br />CLOSE THEIR SALE OR REFINANCING. <br />I/We have read the above statement. All property owners on title must initial below: <br />Initials Date Initials <br />Initials Date Initials <br />Date <br />Date