Resolution No 12-2022 - Authorizing Staff to Record Restrictive Covenants Required for the Performance of Lead Hazard Control Services

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2 II.AGREEMENT Grantee and Owner(s) hereby impose the following restrictive covenants upon the Real Estate, and Owner(s) hereby warrants, grants, and conveys to Grantee a lien upon the Real Estate for the Affordability Period as specified above (the “Lien”). In consideration of these mutual undertakings and covenants, the parties further agree as follows: 1.The Owner(s) shall comply with the following requirements of the Program throughout the Affordability Period: (1) marketing to and giving priority in renting units assisted under the Program to income eligible families with children under the age of six (6) years and (2) maintaining documentation of the Owner(s) efforts to comply with this requirement. 2.Upon the occurrence of any of the following events during the Affordability Period, the entire sum secured by the Lien, without interest, shall be due and payable by Owner(s) upon demand. Repayment may be demanded upon: a.Transfer or conveyance of the Real Estate by deed, land contract, lease, or otherwise, within the applicable Affordability Period; b.Commencement of foreclosure proceedings by any mortgagee (or deed in lieu of foreclosure), within the Affordability Period; or c.The Owner fails to comply with any of the requirements set forth in Subsection I of Section II of this Agreement. PROVIDED, HOWEVER, that the amount specified in Subsection C of Section I of the Agreement, shall not be due and payable if the Real Estate is transferred or conveyed to a new owner who agrees to continue to subject the Real Estate to the terms and provisions of this Agreement and agrees to take the Real Estate subject to this Agreement. 3.The Lien may be foreclosed and the restrictive covenants shall terminate on the date the Real Estate is acquired by foreclosure in accordance with the laws of the State of Indiana or instrument in lieu of foreclosure. 4.If any of the Recapture Events specified in Subsection 2 of Section II above or other non- compliance has occurred within the Affordability Period, the Grantee will recapture the amount set forth in Subsection C of Section I of the Agreement. 5.Owner(s) states and Grantee acknowledges that the financial assistance received through the Program represents good and valuable consideration for this Agreement and these restrictions on the use of the Real Estate are consistent with the statutes, regulations, terms, conditions, and requirements for the Program. 6.Notwithstanding anything to the contrary in this Agreement, Grantee and Owner(s) agree that the Lien is subject and subordinate to any Senior Debt, as defined below, in priority as to Grantee’s interest in the Real Estate and in payment of the Recapture Amount. As used in this Agreement, “Senior Debt” means any indebtedness of Owner(s) to any lender that has provided financing to Owner(s) for the purchase, construction, rehabilitation, or refinancing of the Real Estate prior to the date of this Agreement. This Agreement will not be subordinate to any debt incurred by Owner(s) after the effective date of this agreement, unless the new lender consents to the terms of this Agreement. If the Real Estate is transferred to the Senior Debt holder in lieu of foreclosure, or the mortgage securing the Senior Debt is foreclosed, the Lien is to be terminated and released. 7.This Agreement shall be binding upon the Real Estate and shall constitute covenants running with the land. Grantee and Owner(s) agree that any and all requirements of the laws of the State of Indiana which must be satisfied so that the provisions of this Agreement constitute valid and