Exercise of option; required amount in EHPA. The Homebuyer may exercise his op- tion to buy the Home, by paying the applica- ble purchase price pursuant to section 16 or 17, only after satisfying the following condi- tions precedent: (1) Within the first two years of his occu- pancy, he has achieved a balance in his EHPA equal to 20 times the amount of the monthly EHPA credit as initially deter- mined in accordance with paragraph a of this section; (2) He has met, and is continuing to meet, the requirements of this Agreement; (3) He has rendered, and is continuing to render, satisfactory performance of his re- sponsibilities to the HBA. When the Homebuyer has met these condi- tions precedent, the Authority shall give the Homebuyer a certificate to that effect. After achieving the required minimum EHPA bal- ance within the first two years of his occu- pancy, the Homebuyer shall continue to be obligated to provide the required mainte- xxxxx, thereby continuing to add to his EHPA. If the Homebuyer fails to meet either his obligation to achieve the minimum EHPA balance as specified or his obligation thereafter to continue adding to the EHPA, the Authority and the HBA shall investigate and take appropriate corrective action, in- cluding termination of this Agreement by the Authority in accordance with section 24.
Appears in 3 contracts
Samples: Homebuyers Ownership Opportunity Agreement, Homeownership Counseling and Training, Homebuyers Ownership Opportunity Agreement
