Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
F . Allowed Sales Fee or Commission and Marketing Costs <br /> Developer may pay no more than 6% of the sale price as a commission to a licensed <br /> third - party real estate broker. Additionally, Developer may expend up to $ 600 per <br /> home in NSP3 funds for marketing costs such as advertisements and flyers . If marketing <br /> is funded for multiple NSP3 homes, the costs of such marketing must be allocated to <br /> each home . <br /> G . Allowed Amount of NSP3 Homeowner Financial Assistance Per <br /> Buyer <br /> NSP3 Homeowner Financial Assistance per buyer may not exceed the amounts in and <br /> must conform with the terms described in Section XI . in this Manual . <br /> H . Repayment of Net Proceeds of Sale <br /> Upon sale of an NSP3-funded home, Developer will transmit the net proceeds of the <br /> sale to Grantee ( if any) . Net proceeds of sale are defined as follows : <br /> 1 . The sale price of the homes <br /> 2 . ( Minus ) the amount of any Homeowner Financial Assistance <br /> provided to buyer, as defined herein and described on the settlement statements <br /> 3 . ( Minus ) Developer costs of sale as documented by the settlement <br /> statement, including but not limited to real estate broker fees and seller- paid <br /> closing costs; <br /> 4 . ( Minus ) The current fair market value of any real property <br /> contributed by Developer, in accordance with Section V below . <br /> S . ( Minus) the amount of any NSP3 funds used by Developer to <br /> provide a 1St mortgage to homebuyer ( if applicable ) ; <br /> 6 . ( Plus) Any reimbursements to Developer of costs previously paid <br /> or reimbursed with NSP3 funds, such as pro- rated taxes and assessments . <br /> If there is a negative balance after net proceeds of sale are calculated according to the <br /> formula above, Grantee shall use NSP3 funds to pay for the remaining costs . It is <br /> anticipated that this will occur if Grantee provides NSP3 funds to Developer to use for a <br /> 1St mortgage to homebuyer . In this instance, additional NSP3 funds will be needed from <br /> Grantee to pay all or a portion of developer and homebuyer closing costs listed on the <br /> HUD4 settlement statement . Additional costs may be paid by Grantee if consistent with <br /> NSP3 requirements and if acceptable to Grantee . <br /> 3 <br />