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9. Housing subsidies will be awarded in a first come, first <br />serve basis. <br />10. The amount of the subsidy will be a loan which is secured by <br />a "Deferred Payment Second Mortgage" (the "Mortgage"). The <br />loan will be non-interest bearing and will be repaid into <br />the Housing Fund upon the first sale of the residence or <br />upon the recipient's ceasing to be an owner -occupant of the <br />housing unit, whichever should occur first. If the <br />recipient does not sell the housing unit and remains an <br />owner -occupant of that housing unit for ten (10) years after <br />the date of receiving the subsidy, the loan balance will be <br />reduced to zero and the Mortgage will be released. <br />11. In the event the recipient of the subsidy remains an <br />employee of Hualalai Resort for three years from the date of <br />receiving the subsidy, then the principal amount of the loan <br />will be reduced to zero and the Mortgage will be released. <br />12. For employees who terminate their employment at Hualalai <br />Resort before three years from the date of the subsidy, then <br />the principal amount will be reduced on a pro -rated, monthly <br />basis. The remaining principal balance will be repaid to <br />the Housing Fund at the time of either the first sale of the <br />residence or the cessation of owner -occupancy, without <br />interest thereon. If the Housing Plan is still in existence <br />at the time of the sale, then the principal, if any, will be <br />repaid to the Housing Fund and the Fund aggregate will be <br />available to other eligible employees at that time. In the <br />event the Employee Housing Plan is no longer in existence, <br />then the principal will be paid to the County of Hawai'i. <br />13. The Plan will be administered by HDC on behalf of KMV. HDC <br />will prepare and submit an annual report to the County of <br />Hawaii Office of Housing and Community Development <br />detailing such information as the number of employees <br />participating in the program, the amount of the grants <br />awarded, the categories of home construction (e.g., house - <br />and -lot packages, house -only construction, self-help <br />construction) to which the funds were applied, and projects <br />in which new homes were constructed. <br />14. If there remain any unused funds in the Housing Fund at the <br />end of the Offering Period, KMV shall have the option to <br />extend the Offering Period for another five (5) years until <br />the funds are completely disbursed, whichever may occur <br />first, or to commit such funds to an affordable housing <br />project for the development of new housing units in the <br />County of Hawaii. <br />3164d.dk1 <br />