Laserfiche WebLink
941 90350 <br /> the above, if preapproved by the City, Owner may lease the Residence if necessitated by <br /> medical emergencies, sabbaticals, or temporary transfers, provided that the lease not exceed <br /> twelve months during a ten year period. Any lease or rental charge must not exceed 24 % of <br /> the monthly median family income for a four person household. <br /> 5. Program Eligibility. The Borrower's continuing eligibility for assistance under <br /> the Program will be reviewed at regular intervals by the Lender as specified in the Note, <br /> subject to Section 23. If as a result of any such review it is determined that the Borrower is <br /> required to begin principal and interest payments, said payments shall be in accordance with <br /> Section 1.0 and Sections 4.0 - 4.2 of the Note. Payments must be made if the Borrower's <br /> ratio of current housing costs to current gross monthly income has decreased by more than <br /> ten (10) percentage points below that ratio which existed at the time of execution of the Deed <br /> of Trust. Any payment of principal and /or interest shall not result in the proportion of the <br /> Borrower's income applied toward monthly housing costs, which include principal and <br /> interest on any first mortgage loan, private mortgage insurance, homeowner insurance, <br /> homeowners association fees and property taxes, exceed 38 percent of the Borrower's annual <br /> income. In the event that the required principal and /or interest payment due results in <br /> monthly housing costs in excess of 38 percent of the Buyer's annual income, the principal <br /> and /or interest payment due will be adjusted to an amount that will result in an income to <br /> housing cost ratio of 38 percent. If as a result of any such review it is determined that the <br /> Borrower must begin to repay that portion of the Loan provided by the City, any failure of <br /> the Borrower to repay the portion of the Loan by the method and in the amount(s) provided <br /> for in the Note shall constitute a default under this Deed of Trust. Income as stated above <br /> shall include wages, portfolio and other asset generated revenues as based in HUD Form <br /> 50059, or the equivalent income qualification form approved by the City. <br /> 6. Sale or Transfer of Property. Before sale or transfer of title of the Property, <br /> the Borrower, or, the Borrower's representative, shall notify the Lender of his or her <br /> intention to sell or otherwise transfer title. Except as otherwise provided in Section 23 of <br /> this Deed of Trust, when Borrower transfers title, the entire Loan which is evidenced by the <br /> Note shall be immediately due and payable. Where title is transferred to, or otherwise <br /> altered to include or favor, a spouse or person signing the Note and such spouse or person <br /> resides on the Property conveyed in this Deed of Trust and is independently eligible for <br /> assistance under the Program, the transfer or alteration in title shall not result in acceleration <br /> of the Loan evidenced by the Note. Similarly, when a spouse or person signing the Note <br /> takes title to the Property which secures this Deed of Trust by devise, descent or by <br /> operation of law upon the death of a joint tenant and such spouse or person resided on the <br /> Property and is independently eligible for assistance under the Program, the transfer of title <br /> shall not result in acceleration of the Loan evidenced by the Note. <br /> Upon sale of the Property, Lender shall be paid the amounts described in Section 1.0 <br /> of the Note, in part, from the increase, if any, of the value at the time of sale over the <br /> purchase price as these terms are defined in the Note. For this reason, if the Borrower <br /> - 4 - <br />