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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 /> 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 /> "Appraised 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 5% 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 a non -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 of pre 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 /> a more restrictive funding source which also funds the resale home. <br />