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Indians River County Neighborlio44` Stabilization:Pirogram Property ;Sales„ Addendum' Page 2 C. Ter=ms of Indian• Ri*er. CouWs Second Mortsase:-Home:Purchase Assistance , Indian River County is offering the Neighborhood Stabilization Program (NSP) Buyer Assistance described herein as a zero (0) interest second mortgage on the property being purchased. The second mortgage may be satisfied by Buyer living on the property and utilizing the property -being purchased as his primary residence for a minimum of fifteen ( 15) years after the date of purchase. At the end of the fifteen year period, the Neighborhood Stabilization Program second mortgage will have been satisfied by Buyer. If during the fifteen ( 15) year period Buyer elects to self Athe _ property being purchased or no longer elects to utilize :the property as Buyer' s primary residence, the full amount of the second' mortgage will be due and payable back to Indian River County . The entire amount provided by Indian River County for Closing Cost Assistance, and Gap Financing Assistance will be included in Indian River County ' s Neighborhood Stabilization Program second mortgage to Buyer on the property . D. Establishment of the Sales Price for the Property: Indian River County , has acquired and rehabilitated the property. Indian River County has established the sales price for the property based upon an appraisal performed by an independent fee appraiser. The appraisal used to establish the purchase price' of the property was carried out after the rehabilitation of the property was completed. The selling. price of some properties has been reduced based upon a Comparable Market Analysis carried out be a Licensed Real Estate Agent. Indian River County believes the appraisal and the subsequent Comparable Market Analysis, if applicable, which established Buyer' s purchase price represents the current market value of the property . E. Buyer Nelahbgrhood Stabilization Proeram Oualificatlon Reauirements: Buyer acknowledges that the Neighborhood Stabilization Program has maximum income qualifications . Buyer understands that he and the other members of his household will have to provide certain information to Indian River County to determine if Buyer Is eligible to participate in the acquisition of this property through the Neighborhood Stabilization Program . If Buyer does not disclose all requested information to Seller or if Buyer falls to meet the qualifying criteria for the Neighborhood Stabilization Program, the agreement for sale for the property to which this addendum is affixed shall become null and void. Buyer acknowledges that he is required to attend an eight (8) hour HUD approved homebuyers education course acceptable to Indian River County and provide Indian River County with evidence of his attendance and course completion prior to scheduling the closing for the property being purchased. Seller's Initials Buyer's Initials .�