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BAAHA Scope of Services Contract Year 2024/25 | Page9 PHAP Subordination/Refinance Fees BAAHA will charge the City $850 per Subordination/Refinance transaction. BAAHA will bill the City on a quarterly basis. Long Term PHAP Portfolio Management BAAHA will incorporate the services and resources of the HomeKeeper system to maintain the City’s BMR portfolio monitoring database. Specific BMR Portfolio Management Services BAAHA’s BMR Portfolio Management services include and not limited to the following activities: Monitoring of PHAP Properties BAAHA will finalize parameters for establishing and implementing a monitoring program for the City. Monitoring the entire PHAP portfolio will conducted annually. Owner Monitoring Form – BAAHA will distribute its monitoring form to PHAP and/or DAP owners and/or borrowers to fill out and send back to BAAHA. The monitoring form will require owners and/or borrowers to provide and verify key information to determine if they are within compliance of their resale restrictions. Public Records Review – BAAHA will conduct a public records review on an annual basis. This review will be focused on ownership activities related to title transfers, occupancy, and property liens. Program Default Management BAAHA monitoring activities will be focused on assessing if any restriction covenant violations have been incurred by the PHAP owners and/or PDALP borrowers. Violations will usually fall within a Financial or Technical violation. Financial Violations– are incurred by PHAP owners and/or PDALP borrowers who have: • Not paid their financial obligation on time and/or have ceased making payments. The Lender should notify the City regarding late and non-payments by a PHAP borrower and/or PDALP borrowers through a Notice of Default. • Secured a loan that is subordinate to 1st loan. This includes lines of credit and 2nd mortgages (outside of the Pleasanton PDALP). • Over-financed their property by securing a loan(s) that is(are) over the deed restricted value of the property. • Incurred judgments and liens voluntarily or involuntarily placed against the property. Technical Violations – can occur when a PHAP homeowner does not adhere to the provisions outlined in their Resale Agreement executed at the time of purchase of the PHAP property. The most common forms of technical default that BAAHA will be looking for include (and are not limited to): • Ineligible and non-City approved change in title, including ineligible inheritance. Docusign Envelope ID: 473ECB6B-08F5-49E6-8BF9-53FFB6D72DE6