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