Certifications and Acknowledgments
Under penalties of perjury, I/we certify that the information presented on this form is true and accurate to the best of my/our knowledge. The undersigned further understands that providing false representations herein constitutes an act of fraud. False, misleading or incomplete information will result in the denial of application or recapture of assistance provided.
I/we specifically acknowledge and agree that: (1) all statements made in this form are made for the purpose of demonstrating my/our eligibility for the Lower South Valley Land Bank (LSVLB) Homebuyer Program; (2) verification of any information contained in the form may be made at any time prior to or after closing by the LSVLB and/or its agents, either directly from any source named in this form or through a credit reporting agency, and I/we shall provide any documentation requested for this purpose; (3) the original copy of this form will be retained by the LSVLB, even if I/we do not qualify for the program; (4) I/we must supplement the information provided in this form if any of the material facts which I/we have represented herein should change prior to settlement.
I/we certify that the information provided in this application form, including any and all attachments, is true and correct as of the date set forth opposite my/our signature(s) on this form and acknowledge my/our understanding that the provision of any false, fictitious or fraudulent information contained in this form or any and all attachments may result in the immediate acceleration of recapture of any financing that might have been provided.
I/we give permission to the LSVLB to obtain a current credit report through a credit reporting agency. I/we further authorize the LSVLB to obtain or share other information from/with outside sources when necessary including my real estate agent and lender.
This certification is made in accordance with my/our understanding that, in order to be eligible for the LSVLB Homebuyer Program, I/we must be an income-eligible household and that I/we must occupy the property purchased as my/our primary residence for at least five years from the date of settlement. We understand that (1) this certification of owner occupancy will be attached and made part of the sales agreement; (2) my/our representations and warranties in the sales agreement that I/we will occupy the property as my/our primary residence for at least five years after the date of settlement will survive the settlement; and (3) my/our failure to do so may result in the repayment of funds provided under this program.
I/We understand that (1) I/we will execute a Deed Restriction that evidences that I/we will occupy the residential property being purchased for at least five years from the date I/we executed the Deed Restriction, and (2) the executed Deed Restriction will be filed for recordation immediately after the recordation of the deed in the land records of Luzerne County. I/We further understand that a lien will be filed against the residential property being purchased in the amount of the loan and that 20% of said loan will be forgiven upon the completion of each year.
I/We understand that in the event that a loan is refinanced, the property is sold, the Applicant is no longer the principal resident, or upon discovery of willful misrepresentation or fraud in connection with the program within the five (5) year affordability period the money from this loan is instantly repayable. The amount of funds to be recaptured will decrease 20% each year of the affordability period. I/We understand that this provision will be included in the Deed Restriction described in the above paragraph.
I/We understand that: (1) if I/we have not occupied this property as my/our primary residence within 30 days of settlement, I/we must notify the LSVLB within 30 days of settlement with the date on which I/we will occupy the property; (2) if I/we cease residing in the property as my/our primary residence during the five year period from the date of settlement, I/we must notify the LSVLB in writing no later than 30 days after the date on which I/we cease residing in the property of the circumstances which prevent me/us from satisfying the five year occupancy obligation; and (3) I/we will send all such written communications to: Lower South Valley Land Bank 15 E Ridge Street, Nanticoke PA 18634.
I/We understand that any provision of false, fictitious or fraudulent information to the LSVLB and/or its agents regarding this form may result in the immediate acceleration of full payment of any financing that might have been provided under the Program.
I/we also specifically acknowledge and agree that: (1) all statements made regarding this form are made for the purpose of demonstrating my/our eligibility for the Program; (2) verification or reverification of any information regarding this form may be made at any time prior to or after settlement by the LSVLB and/or its agents, and the original copy of this form will be retained by the LSVLB even if I/we do not purchase a property; (3) the LSVLB and/or its agents will rely on the information regarding this form, and I/we have a continuing obligation to amend and/or supplement the information regarding this form if any of the material facts which I/we have represented herein should change prior to settlement; (4) I/we will occupy the property purchased within 30 days after closing; (5) I/we understand that I/we must comply with the notice requirements shown above; (6) I/we will provide at any time after the date of settlement to the LSVLB and/or its agents any documentation requested to provide verification that I/we occupy the property purchased as my/our primary residence for at least five years from the date of settlement; (7) I/we will be the only parties who will have a title interest in the property purchased at the date of settlement and during the five years following the date of settlement; (8) this certification will be made part of the sales agreement and my/our representations and warranties regarding the five year occupancy obligation will survive the settlement; (9) an executed Deed Restriction that evidences the five year occupancy obligation and lien will be recorded immediately after the recorded deed in the land records of Luzerne County; (10) I/we understand if I/we sell, convey, grant, rent or otherwise transfer, vacate or abandon the property purchased within five years of the date of settlement, the recapture provisions will apply; (11) the LSVLB and/or its agents make no representations or warranties, express or implied, regarding the property, the condition of the property, or the value of the property.
I/We certify that I/we will occupy the residential property purchased as my/our primary residence for at least five years following the date of settlement. I/We also acknowledge my/our understanding that any provision of false, fictitious or fraudulent information regarding this form may result in the immediate acceleration of full payment of any financing that might have been provided under the Program.
I/we understand that the entire amount of the original Homebuyer Program assistance may become immediately due and payable should any of the following events of default take place during the five-year affordability period:
- Withholding information for the purpose of fraudulently participating in the program
- Not maintaining the home as a single family residence
- Not maintaining the home as a principal residence of the purchaser(s)
- Leasing or renting any part of home
- Using any part of the home for commercial use
- Not maintaining the home in an acceptable condition to pass a property inspection, or not remedying housing code violations
- Not maintaining required insurance coverage for homeowners in order to guard against a loss
- Intentionally harming or damaging the home
- Not disclosing financial transactions that increase the indebtedness of the home through unauthorized refinancing