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PHAP Subordination/Refinance Fees <br /> BAAHA will charge the City $850 per Subordination/Refinance transaction. BAAHA will bill <br /> the City on a quarterly basis. <br /> Lone Term PHAP Portfolio Manaaement <br /> BAAHA will incorporate the services and resources of the HomeKeeper system to maintain the <br /> City's BMR portfolio monitoring database. <br /> Specific BMR Portfolio Management Services <br /> BAAHA's BMR Portfolio Management services include and not limited to the following activities: <br /> Monitoring of PHAP Properties <br /> BAAHA will finalize parameters for establishing and implementing a monitoring program for <br /> the City. Monitoring the entire PHAP portfolio will conducted annually. <br /> Owner Monitoring Form—BAAHA will distribute its monitoring form to PHAP and/or DAP <br /> owners and/or borrowers to fill out and send back to BAAHA. The monitoring form will require <br /> owners and/or borrowers to provide and verify key information to determine if they are within <br /> compliance of their resale restrictions. <br /> Public Records Review—BAAHA will conduct a public records review on an annual basis. This <br /> review will be focused on ownership activities related to title transfers, occupancy,and property liens. <br /> Program Default Management <br /> BAAHA monitoring activities will be focused on assessing if any restriction covenant violations <br /> have been incurred by the PHAP owners and/or PDALP borrowers. <br /> Violations will usually fall within a Financial or Technical violation. <br /> Financial Violations— are incurred by PHAP owners and/or PDALP borrowers who have: <br /> • Not paid their financial obligation on time and/or have ceased making payments. The <br /> Lender should notify the City regarding late and non-payments by a PHAP borrower <br /> and/or PDALP borrowers through a Notice of Default. <br /> • Secured a loan that is subordinate to 1St loan. This includes lines of credit and 2nd <br /> mortgages (outside of the Pleasanton PDALP). <br /> • Over-financed their property by securing a loan(s)that is(are) over the deed restricted <br /> value of the property. <br /> • Incurred judgments and liens voluntarily or involuntarily placed against the property. <br /> Technical Violations—can occur when a PHAP homeowner does not adhere to the provisions <br /> outlined in their Resale Agreement executed at the time of purchase of the PHAP property. The <br /> most common forms of technical default that BAAHA will be looking for include(and are not <br /> limited to): <br /> 121Page <br />