Common use of Program Compliance Clause in Contracts

Program Compliance. Purchasers acknowledge that Seller is selling the Property to Purchasers under a program “MHFA ▇▇▇▇ (State Funded) Program”) that limits the category of individuals who may participate in such program and who may purchase the Property. As a result thereof, Purchasers represent and warrant the following to Sellers. A. Purchasers’ annual gross household income as of the date of this Contract for Deed does not exceed sixty percent (60%) of the greater of the State of Minnesota median income or the median income for the area in which the Property is located as such amounts are determined and adjusted from time to time by MHFA. B. Immediately prior to Purchasers’ purchase of the Property by way of this Contract for Deed, Purchasers were either homeless or receiving public assistance, or would otherwise not been able to afford homeownership through sources other than the MHFA ▇▇▇▇ (State Funded) Program. C. Purchasers have not owned a residential dwelling unit for at least three (3) years from the date of this Contract for Deed. D. The monthly payment due and owing under Section 4(a) herein is based upon Purchasers’ gross household income, and, therefore, in order to verify such amount Purchasers will (i) immediately inform Seller each and every time their gross household income increases or decreases by ten percent (10%) or more, and (ii) cooperate with Seller and annually supply Seller with whatever information Seller may request in order to annually recertify Purchasers’ gross household income. E. That all of the information that Purchasers supplied to Seller relating to Purchasers’ qualification for participation in the MHFA ▇▇▇▇ Program and Purchasers’ purchase of the Property was and is, as of the date of this Contract for Deed, true and correct.

Program Compliance. Purchasers acknowledge that Seller is selling the Property to Purchasers under a program (“MHFA ▇▇▇▇ (State Funded) Program”) that limits the category of individuals who may participate in such program and who may purchase the Property. As a result thereof, Purchasers represent and warrant the following to Sellers. A. (a) Purchasers’ annual gross household income as of the date of this Contract for Deed does not exceed sixty eighty percent (6080%) of the greater of the State of Minnesota median income or the median income for the area in which the Property is located located, for the area as such amounts are determined and adjusted from time to time by MHFAthe United States Department of Housing and Urban Development (hereinafter referred to as “HUD”) with adjustments for family size, or such other amount which may, from time to time, be established by HUD. B. (b) Immediately prior to Purchasers’ purchase of the Property by way of this Contract for Deed, Purchasers were either homeless or receiving public assistance, or would otherwise not been able to afford homeownership through sources other than the MHFA ▇▇▇▇ (State Funded) Program. C. (c) Purchasers have not owned a residential dwelling unit for at least three (3) years from the date of this Contract for Deed. D. (d) The monthly payment due and owing under Section 4(a) herein is based upon Purchasers’ gross household income, and, therefore, in order to verify such amount Purchasers will (i) immediately inform Seller each and every time of any significant changes in their gross household income increases or decreases by ten percent (10%) or moreincome, and (ii) cooperate with Seller and annually supply Seller with whatever information Seller may request in order to annually recertify Purchasers’ gross household income. E. (e) That all of the information that Purchasers supplied to Seller relating to Purchasers’ qualification for participation in the MHFA ▇▇▇▇ Program and Purchasers’ purchase of the Property was and is, as of the date of this Contract for Deed, true and correct.

Program Compliance. Purchasers acknowledge that Seller is selling the Property to Purchasers under a program (“MHFA ▇▇▇▇ (State Funded) MURL Program”) that limits lim▇▇▇ the category of individuals who may participate in such program and who may purchase the Property. As a result thereof, Purchasers represent and warrant the following to Sellers. A. (a) Purchasers’ annual gross household income as of the date of this Contract for Deed does not exceed sixty eighty percent (6080%) of the greater of the State of Minnesota median income or the median income for the area in which the Property is located located, for the area as such amounts are determined and adjusted from time to time by MHFAthe United States Department of Housing and Urban Development (hereinafter referred to as “HUD”) with adjustments for family size, or such other amount which may, from time to time, be established by HUD. B. (b) Immediately prior to Purchasers’ purchase of the Property by way of this Contract for Deed, Purchasers were either homeless or receiving public assistance, or would otherwise not been able to afford homeownership through sources other than the MHFA MURL Program. (c) Purc▇▇▇▇ (State Funded) Program. C. Purchasers ▇rs have not owned a residential dwelling unit for at least three (3) years from the date of this Contract for Deed. D. (d) The monthly payment due and owing under Section 4(a) herein is based upon Purchasers’ gross household income, and, therefore, in order to verify such amount Purchasers will (i) immediately inform Seller each and every time of any significant changes in their gross household income increases or decreases by ten percent (10%) or moreincome, and (ii) cooperate with Seller and annually supply Seller with whatever information Seller may request in order to annually recertify Purchasers’ gross household income. E. (e) That all of the information that Purchasers supplied to Seller relating to Purchasers’ qualification for participation in the MHFA MURL Program and Purcha▇▇▇▇ Program and Purchasers▇’ purchase of the Property was and is, as of the date of this Contract for Deed, true and correct.