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<br />6) that meets the Participating Bank's customary and usual appraised <br />standards required for the granting of a First Mortgage Loan. <br /> <br />"Homebuver" means an individual or an individual and his or her spouse who <br />have not owned a dwelling unit during the three-year period before purchase of <br />the dwelling units that is assisted with HOME Funds, except that an individual <br />may not be excluded as a homebuyer under this definition on the basis that the <br />individual owns or owned, as a principal residence during the three-year period <br />before the purchase of a home that is assisted with HOME Funds, pursuant to this <br />Agreement, a dwelling unit whose structure is (1) not permanently affIxed to a <br />permanent foundation in accordance with local or other applicable regulations or <br />(2) not in compliance with the City's building code, or other applicable codes, <br />and cannot be brought into compliance with such codes for less than the cost of <br />constructing a permanent structure. "Owned a dwelling unit" as used in this <br />definition means to have a fee simple interest in a dwelling unit. <br /> <br />"Median Purchase Price for the City as determined bv HUD" means, as of the <br />date of this Agreement, with respect to (i) single family homes, $99,750, (ii) two <br />family homes, $112;350 and (iii) condominium units, $99,750; unless and until <br />the City certifies in writing to the Participating Bank at a later date a different <br />median purchase price and then the Median Purchase Price for the City as <br />determined by HUD shall mean the median purchase price so certified. <br /> <br />"Net Procèeds" means the sales price of the Project minus loan repayment and <br />closing costs paid by the Eligible Borrower at the time of purchase out of funds <br />of the Eligible Borrower other than the borrowed HOME funds. <br /> <br />"Proiect Site" means the real property identified by the Eligible Borrower and <br />approved by the City and the Participating Bank as an Eligible Property for a <br />Project as the same is more fully described in Exhibit A - Term Sheet attached <br />hereto. <br /> <br />"Single Parent" means an individual who: <br />1) is unmarried or legally separated from a spouse; and <br />2) (a) has one or more minor children for whom the individual has <br />custody or joint custody or (b) is pregnant. <br /> <br />B-3 <br />