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This mortgage protection program is designed to encourage first-time homebuyers to take advantage of today's low home prices and affordable interest rates while at the same time providing peace of mind regarding their ability to meet their mortgage payments.

London Properties is participating in this program through our membership with the California Association of Realtors® Housing Affordability Fund (H.A.F.).

The benefits and requirements for eligibility are set forth below. To participate, please contact us directly via email by clicking here or call us at 559.436.4070 or 800.U.R.MOVED and we will introduce you to a qualified London Properties associate. We currently have over 2,000 homes to choose from, including some wonderfully-priced bank-owned/foreclosures.

HOUSING AFFORDABILITY FUND
MORTGAGE PROTECTION PROGRAM
TERMS AND CONDITIONS

1. DEFINITIONS.

The words “you” and “your” mean you the buyer and the words “we,” “us” and “our” mean the California Association of REALTORS® Housing Affordability Fund (“HAF”).

“California REALTOR®” means a member of the California Association of REALTORS® (both the agent and the agent’s broker must be active members of the California Association of REALTORS®).

“First Time Homebuyer” means an individual (including all co-buyers on the Property Purchase Contract) who has had no ownership in a Single Family Dwelling or any other real property during the three (3) year period ending on the date of close of escrow.

“Person” means any individual, corporation, company, limited liability company, partnership, joint venture, association, joint stock company, trust, or unincorporated organization.

“Program” means the HAF Mortgage Protection Program.

“Program Administrator” means cynoSure Financial, Inc.

“Program Benefits” means monthly payments in an amount equal to your minimum monthly payment for your mortgage principal and interest, and property taxes and insurance (if your property taxes and insurance are impounded as part of your minimum monthly mortgage payment) on the Single Family Dwelling, up to a maximum of Fifteen Hundred Dollars ($1,500.00) and/or a monthly payment in the amount of Seven Hundred and Fifty Dollars ($750.00), as applicable under the Terms and Conditions.

“Program Committee” means the HAF Program Committee.

“Property Purchase Contract” means a fully executed written agreement for the purchase of a Single Family Dwelling.

“Single Family Dwelling” means any single-family residence (including a manufactured home or mobilehome), a single-family residential unit in a condominium, cooperative or planned unit development, or a single family residential unit within a one-to-four family residence, located in California and in which you intend to occupy as your primary residence.

“Terms and Conditions” means these Program Terms and Conditions and any terms and conditions of the Program Administrator.

2. ELIGIBILITY.

To qualify for participation in the Program:

• you (and all other co-buyers on the Property Purchase Contract) must be a First Time Homebuyer and the buyer in a Property Purchase Contract for a Single Family Dwelling;

• your initial offer to purchase the Single Family Dwelling in the Property Purchase Contract transaction must have been made and must be dated on or after April 2, 2009 (Property Purchase Contract transactions with an initial offer to purchase made or dated prior to April 2, 2009 are not eligible for the Program); the Property Purchase Contract transaction must have closed escrow no later than June 30, 2010; you purchased the Single Family Dwelling with a mortgage secured by a deed of trust; and you must provide HAF with the executed Program application within 30 days of closing escrow, Property Purchase Contract and the buyer’s HUD-1 final closing statement;

• you must be represented by a California REALTOR® in the transaction and you must provide documentation of same to HAF (a REALTOR® who simply makes a referral or receives a referral fee and does not actually represent you throughout the course of the Property Purchase Contract transaction does not qualify as representation);

• you have not previously received Program Benefits from HAF; and

• you meet all of the Terms and Conditions.

REALTORS®, directors, officers and employees of HAF and HAF’s subsidiaries and affiliates, and members of their immediate families are not eligible to participate in the Program.

Applications will be reviewed and Program Benefits will be awarded on a first come, first served basis until Program funds are depleted or until HAF discontinues the Program, whichever occurs first.

3. PROGRAM BENEFITS; APPLICATION; OTHER TERMS AND CONDITIONS.

To be eligible for Program Benefits you must also meet all of the terms and conditions of the Program Administrator. Please visit the HAF website at http://www.car.org/members/hafmainpage/carhafmortgageprotection/ for information on the Program Administrator’s terms and conditions.

To apply for participation in the Program, you must provide HAF with a completed application and any required documentation. You must immediately advise HAF in writing of any corrections or changes to the information on your application. Certain corrections or changes may affect your eligibility to receive Program Benefits.

You may receive Program Benefits only once during your lifetime, and a maximum of two (2) Program Benefit plans are permissible per transaction. If two Program Benefit plans are awarded in a single transaction, the first Program Benefit plan will be for up to $1500 in monthly payments and the second will be for $750 in monthly payments. Both buyers must sign the application and indicate which Program Benefit plan each buyer is applying for. The Program Benefits are for the initial term year only, and do not include any renewal terms or payment for renewals. Please contact HAF for more information on whether renewal terms are available under the Program and any related costs.

The Program Administrator will provide you with written verification of your eligibility to receive Program Benefits approximately forty five (45) days after approval of your application and eligibility verification.

If you receive Program Benefits, you agree that any Program Benefits paid to you shall be applied first toward the payment of your mortgage principal, interest, taxes and insurance for the Single Family Dwelling you purchased in the Property Purchase Contract. If there are multiple persons obligated to pay the mortgage, you agree that the Program Benefits will be first applied toward your proportional share of the mortgage obligation. The balance of any such Program Benefits may be used for any other purpose.

4. PROGRAM ADMINISTRATION.

The Program is managed and interpreted by the Program Committee. HAF reserves the right at its discretion to amend these Program terms and conditions, to deny granting any individual participation in the Program and to modify, suspend or discontinue the Program at any time without notice.

The Program Committee’s decision to approve or deny an application for participation in the Program is final and will not be subject to appeal or review.

HAF will not be responsible or liable for any direct, indirect, incidental or consequential damages, claims, actions, losses, liabilities, misappropriation of Program Benefits, costs or expenses arising in any way whatsoever from your participation in the Program, an application that does not comply with the Terms and Conditions and any delay in Program Benefits being provided to you.

You understand and agree that HAF may disclose to third parties any information you provide on your application or in connection with the Program that is necessary to effectuate the provisions of the Program or as required by law to be disclosed.

You understand and agree that HAF is not the Program Administrator, and that any benefits, obligations and liability in connection with the Program Benefits shall be the sole responsibility of and settled between you and the Program Administrator.

You agree to indemnify, defend and hold harmless HAF and its directors, officers, employees and agents from any claim, action, damages, liabilities, losses, costs and expenses, including reasonable attorney’s fees, arising out of a breach of any of your representations, warranties or obligations under your application or these Terms and Conditions.

Your receipt of Program Benefits may have tax consequences. Please consult a tax professional for more information.