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�;����E��y n�� �ts detern7ined b}�tl�e P,anl: in its discretion, the Pr�ject Sponsor shall (a) rep�ry to the l��ember�uid <br /> the I��en�ber shall repa}� ta tlie Banlc, or(b) r���a}� dii�ectly to the 73an1<, that portioii of tl�e subsidy, includiu�, i�lterest <br /> as determiried in the 13ai�1<'s discretiou; iI�appi'opriate, thaf; as a res�ilt o�-tlle t r�jeci. Sponsor's actio��s oi' <br /> omissions, is not:used in com��liance���ith the teruls of tlle lLpplication or tlle requirements o[�ihe Itie�ulatio�ls; <br /> u�iless sucl� noncoml�liance is cur�ci by the Pi�ojeci Sponsoi•witl�in a reasonal�le period of tiine as de�crmined by the <br /> �'ic1111i Ol'tll� C11'CU117S��ll1CCS Of SL1CI] ll017G0177]�I1111Ce ST(; e1117ll17�1eC�tlll'OLI��l �l I110CI1rICc111011 Ol f118�]�l�I1C111011, <br /> pursuant to�he P�egulaiaons. The IVlember sh�ill not be liable to�he 3anlc for the retLn-n of amounts tl�at cannot be <br /> recovered fi�om the Project �ponsor tllrough re�sonable collection efforts by the IVlember. <br /> ����IlQ� ��� The IVlember aud Project Sponsor shall comply witl�tihe n�onitorinb rec�uirements of the <br /> Rebulations ancl the�anlc's polieies ancl procedures. <br /> �ect�on ll2. Tlie Membei•s11a11 nlalce best efforts to iransfer ics obligations u�ider the Application and this <br /> Agreement io another member oi the Banlc ii1 the event Meinbei-'s memUership in the Bai�lc ceases, pi•ior to the <br /> Banl<'s disUursement of an}�applicable stibsidy. <br /> ��c�ao�a 130 <br /> If Rental P��oject is checice�l o»An�zez A, tl�e folloti��i�2g Section 13 shall ap�ly: <br /> Section 13. The Member shall ensure that the Project is suUject to a deed restriction or other legally <br /> enforceable retention or repayment agreement or mechanism ("Retention Vehicle")requiring that (a)the Project's <br /> rental units, or applicable portion thereof,must remaul occupied Uy and affordable for households with incomes at <br /> or below fhe levels committed to be seived in the Ap��lication for the duration of the retention l�eriod; (b)the Banlc <br /> be biven notice of any sale or refinancing of the Project occurring prior to the end of the retention period, (c) in the <br /> case of a sale or refinancing of the Project pi•ior to the end of the retention period, an amount equal to the full <br /> amount of the direct subsidy shall be repaid to the Bai�lc, unless (i)the uuit coiltinues to be subject to a Retention <br /> Vehicle, incorporating the income-eligibility and affordability restrictions committed to in the Application for the <br /> duration of the retention period; or(ii) if authorized by the Banlc, in its discretion, the household is relocated due to <br /> the eYercisE oF eminent domain, or for expansion of housing or services,to another property tl�at is made subject to <br /> a Retention Vehicle inco��porating the inconle-eligibility ancl affordability restrictions comnzitted to in the <br /> Applicatioi� for the remaivder of the retention period; and (d)the income-eli�iUility and affordability restrictions <br /> �Pl�licable to the Project terminate after airy Toreclosure. Porms of approved Retention Vehicles are available fi•om <br /> time to time fi-om the Banlc(available on the Banlc's weUsite),provided that any changes to such forins or the use <br /> of any different form of Retention Vehicle�vith respect to the Project are at the sole rislc of the Member and/or <br /> Project Sponsoi•, and the obligations,duties aud liabilities oCthe MemUer and/or Project Sponsoi•hereunder or <br /> under the Rebulations shall still apply. <br /> If O�>>r�er Occiq�ied Pa•oject is cl�eciced o�a Ar���e�A, t7�e follo�l�i�ag Section 13 sI7a11 a�ply: <br /> Section 13. The Member shall ensure that an owner-occupied tulit�nanced by the proceeds of a direct subsidy <br /> is subject to a deed restriction or other legally enforceable retention or repayment agreement or mechanism <br /> ("Retention Vehicle") requirin�ihat(a)the Banl: is to be given notice of aily sale oi•refinancin�of the unit <br /> occurring prior to the end of the rete�rtion period; (b) in the case of a sale or refinancin�prior to the end of tlie <br /> retention periocl, an amount equal to a pro-rata share of the direct subsidy,reduced for every yeai•the seller o�a-ned <br /> the unit, shall be repaid to the Banlc from any net�ain realized upon the sale or refinancing, unless (i) the unit���as <br /> assisted«�itl� a permanent mort�age loan funded by ai� AHP subsidized advance; (ii) the unit:is sold to a veiy lo���-, <br /> oi• lo��- or moderatie-income hot�seholcl; or (iii) follo�ving a refinancing,the unit contin.ties to be subject io a <br /> P�etention Vehicle; (c) stich repay�ilent oTthe subsicly sllall be made (ij to ihe Banlc if the Lanl.has not authorized <br /> i•e-tise of tl�e re��aid subsidy or has authorized re-use of the repaid stibsidy but�iot i�etention of such repaicl subsidy <br /> by the I��ember oi' Pi'oject Sponsor, ol�tlie I3a�il: has authorized retention arid re-use of such re��aid subsid}-by tl�e <br /> IVlember or Fr�ject Sponsor and the repaid subsict}� is not re-used in accordance�vith the requirements oTthr Lanl; <br /> ,� 379F3� <br /> Porn�i�!o. 200-03�' (12r3010j <br />