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If at any tiine pnor to the full loail period there occurs a sale of the property, the unit ceases to be the assisted homeowner's principal residence ar default occurs, the loan shall beeome due and payable. In tlle event of refinance of any superior lien, at Department's discretion one of the following options will apply: l. re-subordination of the Note if the assisted hoineowner can provide docurnentation, acceptable to the Departinent, showing that no funds are due ihe assisted homeowner as a result of the refinance; or 2. the assisted homeowner will pay off the Department's subordinate loan from loan proceeds of the refinanced superior lien. In the event of payoff of any supenor lien, the assisted homeowner will have the option of: 1. repaying the balance of the Department" s subordinate loan in full: or 2. repaying the balance of the Department's loan in equal monthly installments over a five (5) year period. For Owner-Occupied Housing Assistance, all project set-ups and support documentation for commitment of fiinds must be submitted to and approved by the Department no later than 240 days prior to the end of the Contract Period and the loan must close no later than 180 days pnor to the end of the Contract Period. ZERO (0) of the FNE (5) assisted homeowners shall have incomes that are less than or equal to thirty percent (30%) of the AMFI, as defined by HUD. In addition to the number of assisted homeowners that have incomes less than or equa] to 30% of the AMFI as required above, THREE (3) of the FIVE (5) assisted homeowners shall have incomes that are less than or equal to fifty percent (50%) of the AMFI, as defined by HUD. In addition to the number of assisted homeowners that have incomes less than or equal to 30% and 50% of the AMFI as required above, ZERO (0) of the FIVE (5) assisted homeowners shall have incomes that are less than or equal to sixty percent (60%) of the AMFI, as defined by HUD. In addition to the number of assisted homeowners that have incomes less than or equal to 30%, 50% and 60% of the AMFI as required above, TWO (2) of the FIVE (5) assisted homeowners shall have incomes that are less than or equal to eighty percent (80%) of the AMFI, as defined by HUD. Administrator may use the funds provided under this contract to provide assistance to reconstruct or rehabilitate additional houses after the minimum of FIVE (5) homeowners have been assisted provided that the additional homeowners' incomes are less than or equal to eighty percent (80%) of the AIVIFI, as defined by HUD, and all other requirements are met. ATTACHMENT A HOME Contract # 1001053 Page 19 of 21 la~v -Li1