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Exhibit One <br /> <br />8. Total down payment assistance shall not exceed 20% of the purchase price of the home. <br />Eligible closing cost, including points shall not exceed 2% of the purchase price. Borrower must <br />contribute a minimum 3% down payment. <br /> <br />9. In the event of a competing interest for funding, a priority will be given to persons who <br />live and or work in the City of Pleasanton. The homebuyer will be required to enter into a <br />Promissory Note and Deed of Trust with the City. <br /> <br />10. The homes are required to meet all home inspections including termite and roof <br />clearances. <br /> <br />I 1. Buyer must obtain a written property inspection report from a qualified home inspection <br />company prior to the close of escrow. This report must cover all major systems in the house <br />including but not limited to electrical, plumbing, foundations, drainage systems, paint, and all <br />built-in appliances. Buyer must show evidence that City permits have been issued for all work <br />requiring such a permit. <br /> <br />12. Buyer must purchase a one-year home warranty covering all major systems in the home <br />including built-in appliances, air conditioners, and water heating systems. <br /> <br />13. Borrower shall enter imo a loan agreement with the City of Pleasanton covering the total <br />amount of funds lent by the City. A Promissory Note between the buyer and the City describing <br />the loan terms shall be executed as well as a Deed of Trust with Resale Restrictions. Failure by <br />borrower to make timely loan payments to the City may result in the default of the City's loan <br />and forfeiture of ownership by the borrower. <br /> <br />· Funds may be used as down payment assistance and/or to pay for nonrecurring closing costs. <br />· Total down payment assistance shall not exceed 20% of the purchase price of the home. <br />· Eligible closing costs including points shall not exceed 2% of the purchase price. <br /> <br />Loan funds may be used only to purchase a house and to pay for any nonrecurring closing costs <br />associated with purchasing the home. Buyer shall not use loan funds to finance repairs, room <br />additions or to purchase any non-real property. Cash-out transactions are not eligible. <br /> <br />14. Borrower must have sufficient creditworthiness to qualify for a first mortgage from a <br />City-approved lender. First mortgages must be fixed rate loans with no negative amortization, <br />balloon payments or adjustable rate features. <br /> <br />15. Execution of the City's second mortgage documents shall be performed at close of escrow <br />by the Escrow Company. <br /> <br />16. Fulfilling the above requirements is the sole responsibility of the homebuyer. Failure to <br />fully satisfy the above Program requirements as determined by the City's Housing Division, may <br />result in a delay in funding or in loan denial. <br /> <br />3 <br /> <br /> <br />