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allowed sale price and will provide necessary financial data on NSP3-funded <br /> expenditures in the event of a HUD audit of program activities. <br /> n . Sale price : The sale price of an NSP3 home shall either be the after- <br /> rehabilitation market value of the home or the total amount of NSP3 and non-NSP3 <br /> expenditures spent on the home, whichever is less . The market value of a home will <br /> be determined in accordance with the provisions in the Program Manual . <br /> o . Establishment of a lien in favor of Grantee : Upon sale of an NSP3- <br /> funded home, Developer will cause the homebuyer(s) to execute a promissory note <br /> and mortgage in favor of Grantee for the combined amount of the Homeowner <br /> Financial Assistance as defined herein and in the Program Manual . The note and <br /> mortgage must be prepared by Developer using forms provided by Grantee . <br /> Grantee must review and approve the language inserted in these form documents <br /> prior to the documents being executed by the homebuyer(s) . <br /> p . Repayment of net proceeds of sale to Grantee : Upon sale of an NSP3- <br /> funded home, Developer or applicable closing agent will transmit the net proceeds <br /> of sale to Grantee . Net proceeds of sale are defined as follows: <br /> i . The sale price of the homes <br /> ii . ( Minus) the amount of any Homeowner Financial Assistance provided to <br /> buyer, as defined herein and in the Program Manual, and described on the <br /> settlement statements <br /> iii . ( Minus) Developer costs of sale as documented by the settlement <br /> statement, including but not limited to seller-paid closing costs; <br /> iv. ( Plus) Any reimbursements to Developer of costs previously paid or <br /> reimbursed with NSP3 funds, such as pro- rated taxes and assessments. <br /> S . NSP3-assisted homes must be sold only to income-qualified households in the <br /> categories described in the Grantee' s Agreement with the U .S. Department of Housing <br /> and Urban Development and in at least the minimum numbers of households required <br /> by that agreement . <br /> 6. Environmental reviews : Grantee is responsible for completing site <br /> specific environmental reviews Developer shall share with Grantee any information <br /> learned that may be useful to Grantee in preparing each site specific environmental <br /> review. <br /> 7 . Developer is responsible for contracting with one or more agencies that are <br /> qualified to provide required 8 hour pre-purchase counseling and homebuyer education <br /> to prospective homebuyers in Developer's home sales program . Alternatively, if <br /> Developer is or becomes HUD certified to provide the required 8 hour pre-purchase <br /> counseling and homebuyer education, and if HUD allows for it, Developer may provide <br /> 5 Page Amended and Re-stated NSP3 Developer Agreement : July 2 , 2013 <br /> i <br />