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3. Years in Loan term: 10 years (5 years when used in conjunction with CDBG funds). 4. Forgiveness: The entire loan amount and interest accumulated will be forgiven after 10 years of occupancy, except that emergency repair loans in conjunction with CDBG funding will be forgiven in 5 years, or upon death of the homeowner, whichever comes first. 5. Repayment: Not required as long as the loan is in good standing. 6. Default: The loan will be determined to be in default if any of the following occurs during the loan term: sale, transfer, or conveyance of property; conversion to a rental property; loss of homestead exemption status; or failure to occupy the home as primary residence or refinancing with cash out. If any of these occur, the outstanding balance will be due and payable. In cases where the qualifying homeowner(s) die(s) during the 10 year loan term (for loans not used in conjunction with CDBG funds), the loan may be assumed by a SHIP eligible heir who will occupy the home as a primary residence. If the legal heir is not SHIP eligible or chooses not to occupy the home, the outstanding balance of the loan will be due and payable. If the home is foreclosed on by a superior mortgage holder, the county will make an effort'to recapture funds through the legal process if it is determined that adequate funds may be available to justify pursuing a recapture. f. Recipient Selection Criteria: Applicants will be selected on a first -qualified, first- served basis with the priorities as described in Section I of this plan. g. Sponsor/Developer Selection Criteria: N/A h. Additional Information: An applicant requesting an emergency repair will be required to: 1. Allow the health department inspector, building department inspector, or rehabilitation specialist to access the home for an inspection to determine the need for the repair. 2. Provide proof of homeowner's insurance policy if it is available, any proof whether or not the,insurance will cover any part of the repair, and if applicable, insurance award to be completed prior to SHIP award. 3. When an applicant is assisted with emergency repairs, they will not lose their place on the queue list. However, the amount of funds expended for the emergency repairs will be counted towards the maximum award if the applicant receives subsequent assistance through the rehabilitation strategy. Funds may also be' awarded to pay insurance deductibles for any emergency repairs covered by the homeowner's policy. i. For additional information please see the Indian River County Guidelines and Procedures for Implementing Strategies of Local Housing Assistance Plan 17