BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD

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1 BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD The City of Concord (the "City") has adopted an Inclusionary Housing Ordinance, City of Concord Ordinance No (the Inclusionary Housing Ordinance ), located in Article XIII, Section through 1062 of the Concord Municipal Code, that requires a portion of all new housing constructed in the City to be sold at an affordable price to low and moderate income homebuyers. The City offers a First Time Homebuyer Program under which the City makes loans to help low and moderate income first time homebuyers buy their own houses in Concord. The home you are buying from the City is being sold to you at an affordable price because the sales price of the home is restricted in compliance with the Inclusionary Housing Ordinance. Additionally, as part of the City's First Time Homebuyer Program, you are receiving a loan (the BEGIN Loan ) to assist with the purchase of the house. The City is making this loan to you with funding it has received from the California Department of Housing and Community Development through its Building Equity and Growth in Neighborhoods (BEGIN) program. As a condition of enabling you to purchase this home at an affordable price pursuant to the Inclusionary Housing Ordinance, the City will require you to sign a Resale Restriction and Option to Purchase Agreement (the "Resale Restriction Agreement"). The purpose of the Resale Restriction Agreement is to ensure that you use the home as your own residence, and to ensure that the home remains affordable to low and moderate income households, even if you sell the home in the future. Additionally, as a condition of financing the BEGIN loan, the City will require you to sign a BEGIN Promissory Note and a Deed of Trust. The Deed of Trust and the Resale Restriction Agreement will be recorded against your property. This Disclosure Statement explains the major provisions of the Resale Restriction Agreement, the BEGIN Promissory Note and the Deed of Trust to help you understand their requirements. You should, of course, read all of these documents and become completely familiar with them. 1 A. PRIMARY RESIDENCE AND LEASING YOUR HOME Under the terms of the Resale Restriction Agreement, the house you purchase must be your main place of residence. This means you must live in the house no less than ten (10) months out of each calendar year. Each year, you must sign a statement for the City that certifies that you are living in your home as the main place in which you live. In addition, you cannot 1 Numerical examples are included in this Disclosure Statement to help you better understand the concepts, terms and provisions of the BEGIN Loan and the Resale Restriction Agreement. Please be aware that these are simply to show how things work and that they are not intended to represent your specific situation. If you follow along with a calculator, you may not get exactly the same answers. Any small differences may be due to how your calculator "rounds-off" numbers \

2 lease or rent out your home. If you do not follow these provisions, you will be default, and the City may exercise its rights under the Resale Restriction Agreement as further explained in Section I at the end of this Disclosure statement. B. NOTICES TO CITY 1. Notice of Intent to Vacate, Sell, Assign or Transfer. If you plan to move from your home, or to sell, assign or transfer your home or any partial interest in your home, or if you record a mortgage or deed of trust against your home (for example, you refinance your first mortgage), you must let the City know in writing before the sale, assignment, transfer, or the recording of a mortgage. This will trigger the City s option to purchase your house, as described below. You may not sell, assign or transfer the house until the City has decided whether to use or assign its option. 2. Delivery of Required Notices. Any notice you must give to the City under the terms of the Resale Restriction Agreement must be sent by certified mail, return receipt requested, or express delivery service with a delivery receipt. Notices are considered effective as of the date received or the date delivery was refused. C. CITY HAS OPTION TO PURCHASE When you purchase the home and execute the required Resale Restriction Agreement, you agree that if you transfer, sell, or move from your home within forty-five (45) years of the date of the Resale Restriction Agreement, the City holds an option to purchase your home at a restricted sales price to keep the house affordable for another buyer. In other words, the City has the first opportunity to buy your home before anyone else during the forty-five (45)-year term of the Resale Restriction Agreement. Instead of buying the home itself, the City can also give its right to buy your home to an eligible lower, median or moderate income household like yourself or to another agency or nonprofit corporation. The City does not have the option to purchase your home, however, in the case when a transfer is to an existing husband, wife, or domestic partner who signed the Resale Restriction Agreement, to a husband, wife, or domestic partner who then becomes a co-owner of the home, to a husband or wife as part of a marriage or a divorce, to an inter vivos trust in which you are the beneficiary, or to a husband, wife, or domestic partner upon death of the borrower. 1. Time Limits. If the City in fact decides to use (or assign) its option to buy your house, it shall notify you within thirty (30) days after it receives your notice to sell, transfer or move from the home. The purchase of your house under the City option shall take place within ninety (90) days of the date it notifies you that it (or its designee) will exercise the option to buy your home \

3 2. Amount of What You Owe Credited Against Sales Price. Should the City use its option to buy your home, the amount of money you owe on the BEGIN Loan, including interest will be credited against the selling price of your home. For example, if you sell your home, and you owe Twenty Five Thousand Dollars ($25,000) on the BEGIN Loan (in principal and interest), and the selling price of your home were Three Hundred and Fifty Thousand Dollars ($350,000), you would receive Three Hundred Twenty-Five Thousand Dollars ($325,000) from the City when it buys the house. If a person or entity other than the City uses the City option to buy your home, the amount of the outstanding principal and interest due under the BEGIN Loan shall be due and shall not be credited against the Purchase Price, unless you have already owned your house for five (5) years and you sell it to an "Eligible Purchaser" (as described in Section E below), in which case, the Eligible Purchaser may assume the amount of the BEGIN Loan. 3. Preparing Home Upon City Exercise of Option. If the City exercises (or assigns) its option on your home, you are responsible for putting the home in good condition for sale. You must take the steps set forth in Section 8 of the Resale Restriction Agreement to prepare the home for sale. D. SALES PRICE OF HOME IS RESTRICTED: DETERMINATION OF MAXIMUM SALES PRICE The restrictions placed on your house as required by the Inclusionary Housing Ordinance, help to make the cost of buying a home affordable to you. The City also wants to make sure that others like you get the same chance. Therefore, you are required to enter into the Resale Restriction Agreement. The Resale Restriction Agreement limits the sales price of your house if you sell during the term of the Resale Restriction Agreement. The maximum sales price that you can receive is the lower of the Restricted Future Sales Price, as described in section (1) below, and the Fair Market Value, as described in section (2). 1. Restricted Future Sales Price. The Restricted Future Sales Price is calculated as follows: (a) Sales price of your home when you bought it, (b) increased by the percentage increase in the median income for Contra Costa County (from the date of original purchase to the date the City received the notice to sell). Median income figures are published yearly by the California Department of Housing and Community Development ("HCD"), a state housing agency. City calculations involving area median income will be based on the HCD figures. plus (c) Value (not cost) of any substantial structural or permanent fixed improvements made or installed by you or under your direction (with prior written approval by the City), and whose initial costs were Two Thousand Dollars ($2,000) or more (as evidenced by dated receipts held by you), made after you bought the house. (It is important to understand that \

4 if the home has suffered from any damage or deferred maintenance while you were living in it, the Restricted Future Sales Price will be adjusted to take any decrease in value into account.) The Actual Sales Price You Receive May Be Considerably Less Than Restricted Future Sales Price. The sales price you actually get for the home may be significantly less than the Restricted Future Sales Price because of conditions in the housing market. The Restricted Future Sales Price is the maximum price that you could receive for the home. It is not a guaranteed amount and you should not count on receiving that amount. If the Fair Market Value of your home is less than the Restricted Future Sales Price, then you will receive the Fair Market Value as the sales price of your home. Example 1 below shows how the Restricted Future Sales Price formula works. EXAMPLE 1 You sell your house after having lived in it for eight (8) full years. The sales price that you paid for the home was Two Hundred and Fifty Thousand Dollars ($250,000). The median income for a family of four in Contra Costa County when you bought the home was Seventy-Four Thousand Five Hundred Dollars ($74,500), as published by the California Department of Housing and Community Development. Median income increases by three percent (3%) per year. While you lived in your home, you put on a new roof (with prior written approval of the City) valued at Three Thousand Five Hundred Dollars ($3,500). [i] Original Sales Price of Home $ 250,000 When You Bought It [ii] Median Income Increases by 3%/Yr X.2668 for eight (8) years (with compounding) which is approximately a 26.68% + 66,700 increase. Multiply [i] by 26.68% then add result to [i] $ 316,700 [iii] Value of Improvements new roof + 3,500 (undertaken after you bought house) RESTRICTED FUTURE SALES PRICE $ 320, Fair Market Value. The Resale Restriction Agreement allows the Fair Market Value to be determined in one of two ways. First, it can be established by an appraisal done by a real estate appraiser chosen by you, the owner. You are responsible for paying for the appraisal. The appraiser you hire must be approved by the City. If possible, the appraisal will be based on the sales prices of homes similar to yours that are sold in the market area during the three (3) months before your appraisal is done. The value of any: (a) substantial structural or permanent fixed improvements made after you bought your home which cost Two Thousand Dollars ($2,000) or more (as evidenced by dated receipts held by you) and were approved in writing by the City before they were constructed and that increase the value of your home, or \

5 (b) damage or deferred maintenance that occurred while you were living in your house that decrease its value shall be included as separate values in the appraisal. In this case, the appraisal shall state what the Fair Market Value of the home would be without either the improvements or the damage or deferred maintenance. The Resale Restriction Agreement also includes a second way to determine the Fair Market Value of your home. You and the City can mutually set the amount of the Fair Market Value. Both you and the City would have to agree on this particular method (instead of hiring an appraiser) and to the Fair Market Value amount. If you and the City fail to agree on the Fair Market Value, either one can require use of the appraisal method. E. YOUR SALE OF THE HOME IF THE CITY DECIDES NOT TO USE ITS OPTION If after you have given the City notice of your intention to sell, otherwise transfer or move from your home, and the City chooses not to exercise (or assign) its option to purchase your home or fails to purchase the home within the ninety (90)-day period, you may then sell your home to an "Eligible Purchaser." An Eligible Purchaser is a household who will live in the home, and whose income is less than or equal to an income level designated by the City (which will be comparable to your income level when you purchased the home). The City will provide you with the current income limits when you sell your home. Likewise, if the City does not exercise (or assign) its option to purchase your home or fails to purchase your home within the ninety (90)-day period, you are responsible for putting your home on the market and you should list the home on the multiple listing service, keep the home in an orderly condition, make the home available to show to agents and prospective buyers, and provide potential purchasers with the Eligible Purchaser requirements, including the income qualifications and the City's form of disclosure statement summarizing the terms of the buyer's occupancy and resale restriction agreement with option to purchase. Once you find a potential Eligible Purchaser, you will refer the proposed purchaser to the City so that the City can determine if, in fact, he or she meets the requirements of an Eligible Purchaser. If the proposed purchaser qualifies as an Eligible Purchaser, the City will also determine if such purchaser is eligible for any City housing financial assistance (such as First Time Homebuyer assistance) that may be available at the time of resale. You and the proposed purchaser must give specific information and documents to the City as described in Section 13 of the Resale Restriction Agreement. When the sale of your home to the Eligible Purchaser is completed, you must submit to the City the information and documents listed in Section 13.D of the Resale Restrictions Agreement. Additionally, you must pay all the principal (the original amount of the loan) and interest due to the lender of the first mortgage \

6 F. CAPITAL IMPROVEMENTS YOU MAKE TO THE HOME If you make improvements to the home, and you want the value of the capital improvements to be taken into account when the Restricted Future Sale Price is calculated, you must obtain written approval of the improvements by the City before the improvements are made, the initial cost of such improvements must be at least Two Thousand Dollars ($2,000), and you must obtain a building permit for the improvements. G. PAYING BACK YOUR BEGIN LOAN 1. Deferred Loan. The BEGIN Loan is a "deferred" loan. This means that you do not have to pay it back during its thirty (30) year term so long as you own the home and you do not violate any of the terms of the BEGIN Promissory Note and the Deed of Trust. As soon as you sell the home, though, or if you break the terms of the BEGIN Promissory Note or the Deed of Trust, the BEGIN Loan will be due and you will have to pay it back. 2. Interest. interest. The principal amount of the BEGIN Loan will accrue three percent (3%) simple 3. Prepayment of the BEGIN Loan. You have the right to prepay part or all of the BEGIN Loan. If you prepay all of the principal balance of the BEGIN Loan, the payment that you make will be applied first toward the repayment of interest then accrued and next to the outstanding principal amount of the BEGIN Loan. H. REFINANCING FIRST MORTGAGE LOAN The Resale Restriction Agreement allows you to refinance your first mortgage loan but places restrictions on the amount received by you from the refinancing. Second mortgage loans or equity lines of credit are not permitted. Following refinancing of your first mortgage, the principal amount of the debt secured by your house (which will include the BEGIN Loan) must not be greater than ninety percent (90%) of the Maximum Sales Price as established by the City. If you are considering a refinance of your first mortgage, you should contact the City for a calculation of the Restricted Future Sales Price amount before you contact your financial institution. I. DEFAULT PROVISIONS When you purchase the home at an affordable price pursuant to the City Inclusionary Housing Ordinance and accept the City BEGIN loan, you agree to meet all of the conditions of the Resale Restriction Agreement, BEGIN Promissory Note and the Deed of Trust. If you violate any provisions of these documents, you are considered to be in default under your Resale Restriction Agreement and the Deed of Trust. Also, if you default under any other loan on the \

7 home, such as the first mortgage, you would also be considered to be in default under the BEGIN Loan. If you do not correct the violation, the City could require you to repay the BEGIN Loan and the City could exercise its option and buy your home for the Maximum Sales Price. The City could also go to court and get a court order to enforce the provisions of the Resale Restriction Agreement and/or the Deed of Trust, which may result in a foreclosure on your home. In addition, if you sell your home for greater than the Maximum Sales Price, you shall be liable to the City for "Excess Sales Proceeds" as defined in Section 15 of the Resale Restriction Agreement (ninety-four percent (94%) of the amount by which the gross sales proceeds received by you from the new purchaser exceed the Maximum Sales Price for the home). * * * * * * * * * * * * * * \

8 Please sign the enclosed copy of this Borrower Disclosure Statement in the space provided below and return it to the City c/o City of Concord Housing Department, 1950 Parkside Drive, MS/27 Concord, CA I have read and understand the above Borrower Disclosure Statement. By: Dated: By: Dated: \

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