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•. <br /> 2. Restrictions. As a condition of the provision of the Loan, the Owner agrees to <br /> repay to the Sponsor the Repayment Amount (as hereinafter defined) upon the earliest to occur, <br /> within the Recapture Period(as hereinafter defined), of any Recapture Event. For purposes of this <br /> paragraph, the "Recapture Period" shall mean five (5) years from the date that the Residence has <br /> been deemed "completed" in the United States Department of Housing and Urban Development's <br /> ("HUD") Integrated Disbursement Information System. In the event of the occurrence of a <br /> Recapture Event, Owner shall repay to the Sponsor an amount ("Repayment Amount") equal to <br /> the unforgiven portion of the Loan, as set forth below; provided that, with respect to any Recapture <br /> Conveyance,the Loan shall be repaid only from the Net Proceeds if any, of such Conveyance, and <br /> any portion of the Repayment Amount in excess of such Net Proceeds shall be forgiven. If no <br /> Recapture Event occurs prior to the expiration of the Recapture Period, or if any Permitted <br /> Transfer occurs due to a foreclosure or deed in lieu of foreclosure as aforesaid, the Loan shall be <br /> forgiven in its entirety. If the Loan has an original principal amount of less than Fifteen Thousand <br /> Dollars ($15,000), then the outstanding principal balance of the Loan shall be reduced by the <br /> forgiveness of one-sixtieth(1/60'�') of its original principal balance at the end of each full month of <br /> the Loan. <br /> 3. Default. The Owner's failure to make any payment due under this Agreement shall <br /> be an `Bvent of Default" hereunder. The Sponsor shall give written notice of an Event of Default, <br /> as provided in Paragraph 13 of the Homebuyer Program Agreement. If(i) the Event of Default is <br /> not cured within such further time as the Sponsor in its sole discretion permits, but in no event <br /> more than thirty (30) days after notice, or (ii) if there exists any Default under any other Loan <br /> Document, the Sponsor may declare a Default ("Default") under this Agreement effective on the <br /> date of such declaration of Default and notice thereof to the Owner, and upon such Default the <br /> Sponsor may: <br />' (a) Declare the unforgiven portion of the Loan immediately due and payable; <br /> and/or <br /> (b) Exercise such other rights or remedies as may be available to the Sponsor <br />, hereunder, at law or in equity. <br /> The Sponsor's remedies are cumulative and the exercise of one shall not be deemed an election of <br /> remedies,nor foreclose the exercise of the Sponsor's other remedies. <br /> 4. Amendment. This Agreement shall not be altered or amended except in a writing , <br /> signed by the parties hereto. ',, <br /> 5. Partial Invaliditv. The invalidity of any clause, part or provision of this Ageement I <br /> shall not affect the validity of the remaining portions thereof. <br /> 6. Gender. The use of the plural in this Agreement shall include the singular; the <br /> singular shall include the plural; and the use of any gender shall be deemed to include all genders. <br /> 7. Ca_ t�ions. The captions used in this Agreement are inserted only as a matter of <br /> convenience and for reference and in no way define, limit or describe the scope or the intent of the <br /> agreement. <br /> A-2 <br />