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occupied by a, qualified eligible person for a <br />period of not less than ten (10) years. Upon <br />completion of the ten (10) year affordability <br />timeframe, the outstanding rehabilitation loan and <br />its accrued interest shall be due in full for <br />repayment to the IRCLHATF. <br />Upon the sale of any eligible single-family or <br />multiple -family housing unit by the owner, <br />repayment of the outstanding loan amount and <br />accrued interest shall be required and the <br />affordability timeframe requirement terminated. <br />v. Compliance Agreement and Security Instrument <br />Eligible housing units utilizing assistance from <br />the IRCLHAProgram Rehabilitation Loan Strategy <br />shall be secured by a first mortgage in favor of <br />Indian River County. This first mortgage may be <br />subordinated to other rehabilitation, construction, <br />and/or permanent mortgages applied to the same unit <br />upon approval of the IRCLHAProgram Review <br />Committee. The first mortgage shall serve as the <br />eligible recipient's contractual commitment to <br />comply with the requirements of the IRCLHAProgram. <br />Furthermore, the first mortgage document shall note <br />that for rental properties a local non-profit <br />community based organization shall have the first - <br />right -of -refusal for purchase of the rental unit. <br />Should the unit be refused by local non-profit <br />community based organizations, the owner may offer <br />the rental unit(s) for sale on the general real <br />estate market. <br />6. Land Bank - Market Purchase <br />a. Description <br />The Indian River County, through the Board of County <br />Commissioners and the IRCLHAProgram, may acquire vacant <br />parcels or lots via the general real estate market for <br />the purpose of providing sites for the development of <br />eligible housing units by eligible sponsors for eligible <br />persons. The funds for acquisition shall be delivered at <br />the time of closing, whereby the transaction transferring <br />ownership of the parcel or lot to the county is <br />completed. This Market Purchase Strategy may be <br />considered a strategy of "last resort", whereby it may be <br />utilized in the event unexpended or encumbered funds for <br />the IRCLHAProgram are available and expenditure through <br />