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Exhibit I e. Terms, Recapture, Default: Purchase assistance with rehabilitation loans is deferred payment 20 -year loans for the purchase assistance portion and deferred payment 10 -year loans for the rehabilitation portion, both secured by a mortgage and note whereby repayment of the entire loan' amount and accumulated interest occurs at the time that the eligible housing unit is sold, refinanced with cash out, or occupied by someone other than the original loan recipient. There will be a 0% simple annual interest rate for Purchase Assistance with Rehabilitation loans. After 20 years for purchase assistance and after 10 years for rehabilitation assistance; the original loan amount and accumulated interest will be forgiven. Eligible persons may repay the entire amount of the loan at any time. In the event of the death of the homeowner, an income -eligible heir may assume the county SHIP loan as long as the home is utilized as the household's homesteaded property. f. Recipient Selection Criteria: Eligible applicants will be approved for assistance on a first qualified first served basis as may be adjusted per the LHAP based on ranking priorities, subject to funding availability. Applicants will have the following verified to confirm eligibility and for record management and reporting: i. Income; ii. Employment; iii. Assets; iv. First time Homebuyer Status; V. Credit Verification and/or approval from the financial institution that is granting the first mortgage; vi. Approval of first mortgage from a financial institution; vii. Attendance and completion of County's Homebuyer's Educational Workshop (receiving the Homebuyer's Educational Workshop Certificate); and viii. Disability Status. g. Sponsor Selection Criteria: N/A h. Additional Information: i. Geographic Area Purchase assistance with rehabilitation loans may be made anywhere in the county, including all municipalities located within the county; - 9 - 117