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c. In the event of refinance of any superior lien, at Department's discretion one of the <br />following options will apply: <br />i. Re-subordination of the Note if the assisted homebuyer can provide documentation, <br />acceptable to the Department, showing that no funds are due the assisted homebuyer <br />as a result of the refinance; or <br />ii. The assisted homebuyer will pay off the Department's note from loan proceeds from <br />the refinanced superior lien. <br />d. In t11e event of the release of any superior lien or repayment of any existing superior <br />mortgage in full, the assisted homebuyer will have the option of: <br />i. Repaying the balance of the Department's subardinate loan in full; or <br />ii. Repaying the balance of the Department's loan in equal monthly installments over a <br />five (5) year period. <br />8. Housing Quality Standards. Each unit must, at a minimum, meet or exceed the Housing <br />Quality Standards (HQS), as well as local building codes and zoning ordinances. For <br />construction of single family affordable housing, Administrator must also ensure compliance <br />with the universal design features established by §2306.514 Texas Government Code, the <br />energy efficiency standards established by §2306.187 of the Texas Government Code, energy <br />standards as verified by RESCHECK certification, and the International Residential Codes, <br />as required by Subchapter 6, Chapter 214, of the Local Government Code. <br />9. Area s) Served. Administrator is limited to serving homebuyers who certify the assisted unit <br />will be their primary residence, is located in the City of PARIS, located in LAMAR <br />County, Texas, located in Uniform State Service Region Number FOUR (4), and in a <br />jurisdiction that is not a participating jurisdiction, as defined in 24 C.F.R. §92.105, and, <br />unless otherwise approved by the Department. <br />10. Benchmarks. Performance under the Contract term will be based on the following <br />benchmarks from the Contract begin date: <br />a. 6 months, exempt administrative and environmental clearance must be complete for at <br />least one Household to be assisted; <br />b. 12 months, environmental clearance must be complete for at least 50% of the Households <br />to be assisted, 50% of fiuzds must be committed, 25% of funds drawn, and 25% of match <br />supplied; <br />c. 18 months, environmental clearance must be complete for at least 75% of the Households <br />to be assisted, 75% of funds must be committed, 50% of funds drawn, and 50% of match <br />requirement supplied; and <br />d. 24 months, 100% of funds must be committed, 100% of funds drawn, and 100% of <br />matched supplied. <br />e. If the Administrator is unable to meet any of the benchinarks specified in this subsection, <br />the Adininistrator is obligated to provide additional documentatioil at the reqltest of the <br />Department. This additional documentation must, in the Department's sole judgment, <br />provide reasonable evidence that the Administrator will be able to meet the remaining <br />benchnlarks. Failure to provide such documentation may result in termination of this <br />Contract or imposition of the applicable remedies specified in 10 TAC 51.20. Not <br />HO1vIE Contract#1001224 <br />Page lS of2l <br />