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vii. Beneficiary deed which conveys an ownership interest in real <br /> property, including any debt secured by a lien on real property, to a <br /> grantee beneficiary designated by the owner that expressly states <br /> that the deed is effective on the death of the owner, where upon the <br /> death of the owner the grantee beneficiary receives ownership in <br /> the property subject to all conveyances, assignments, contracts, <br /> mortgages, deeds of trust, liens, security pledges and other <br /> encumbrances made by the owner to which the owner was subject <br /> during the owner's lifetime, and the applicant beneficiary occupant <br /> qualifies as Low-Income and occupies the property as his or her <br /> principal residence. <br /> 4. Maximum Property Value <br /> As required by 24 CFR § 92.254, the housing assisted with HOME funds <br /> under this Agreement must have an estimated property value, after <br /> rehabilitation, for the type of single family housing, that does not exceed <br /> ninety-five percent (95%) of the median purchase price for the area. In <br /> compliance with 24 CFR § 92.254(b)(1), HUD establishes these limits <br /> based on Federal Housing Administration (FHA) data for existing housing <br /> in the area and other appropriate data. The County has provided the <br /> Agency with the current maximum after-rehabilitation property value limits <br /> for the Snohomish County area. HUD updates these limits periodically <br /> and the County will provide updated limits to the Agency upon receipt of <br /> this information from the Seattle HUD Field Office. <br /> 5. Property Location <br /> The housing assisted with HOME Funds under this Agreement must be <br /> located within the corporate limits of the Agency and the Agency's Urban <br /> Growth Area. <br /> E. Written Agreements with Homeowners <br /> The Agency shall enter into written agreements with homeowners for the <br /> HOME-funded loans. Written agreements with homeowners shall meet the <br /> requirements of 24 CFR § 92.504, as applicable, and state the terms and <br /> conditions for repayment of the loans. The Agency will include in each <br /> homeowner agreement assisted with HOME funds under this Agreement: <br /> 1. The requirements found at 24 CFR § 92.504(c)(5)(ii) applicable to <br /> homeowner rehabilitation assistance; and <br /> 2. The reserved right of the County to inspect the rehabilitation records for <br /> the homes assisted with HOME funds. The rehabilitation loans shall be <br /> Exhibit A <br /> HCS-16-42-1601-198 <br /> City of Everett <br /> Page 13 of 23 <br />