Exhibit I to Subpart E of Part 1944 - Subscription Agreement

Subscription Agreement Dwelling Unit No. ______ Date ______

1. Subscription Amount:

(a) I/We ______, a legal resident(s) of ______, hereinafter called “Subscriber,” hereby subscribe for membership in ______, a cooperative housing corporation hereinafter called the “Cooperative,” and hereby subscribe to a Membership Certificate in said Cooperative having a par value of $______.

(b) Subscriber hereby agrees to pay for the Membership Certificate, also referred to as Membership Fee, as follows:

(1) $______ upon signing this Agreement.

(2) $______ in monthly payments of ______ payable over ______ consecutive months (not to exceed 12 months).

2. Ratification of Other Provisions. Subscriber has read and agrees to be bound by all provisions of the articles of incorporation, bylaws, and occupancy agreement, copies of which are attached hereto and receipt of which is hereby acknowledged, and agrees to be bound by requirements of the Farmers Home Administration (FmHA) or its successor agency under Public Law 103-354 as long as it remains mortgagee.

3. Priority of mortgage lien. This agreement and all rights hereunder are and at all times shall be subject and subordinate to the lien of the mortgage and accompanying documents to be executed by the Cooperative to FmHA or its successor agency under Public Law 103-354 and to any and all modifications, extensions, and renewals thereof; and to any mortgage or deed of trust which may at any time hereafter be placed on the property of the Cooperative or any part thereof.

4. Occupancy agreement. Subscriber, if approved for membership, will be entitled to occupancy of the above numbered dwelling unit under provisions of the above-mentioned occupancy agreement. Estimated initial charge per month for said unit will be established prior to signing the occupancy agreement. Future charges will be based on family income, as provided for in the occupancy agreement. I/We agree to execute the occupancy agreement on demand and to comply with all the terms thereof.

5. Cancellation rights. (a) The Cooperative reserves the right at any time before it has notified the Subscriber of his/her acceptability for membership, for reasons deemed sufficient by the Cooperative, and approved by FmHA or its successor agency under Public Law 103-354, to return the amount paid by the Subscriber under this Agreement. In the event the Subscriber shall have died prior to becoming a member, the Cooperative reserves the right to return the amount paid by the Subscriber under this Agreement to the Subscriber's estate or legal representative, and thereupon all rights of the Subscriber shall cease and terminate without further liability on the part of the Cooperative.

(b) It is understood that the Subscriber's credit is subject to approval by FmHA or its successor agency under Public Law 103-354, and that said Subscriber's total household income must not exceed any limitations for initial occupancy established by FmHA or its successor agency under Public Law 103-354. In the event FmHA or its successor agency under Public Law 103-354 determines that the Subscriber does not meet FmHA or its successor agency under Public Law 103-354 credit, income limitation, or other eligibility requirements for participation in this project, the Cooperative shall return to Subscriber the sums paid hereunder. In the event FmHA or its successor agency under Public Law 103-354 determines that the necessary loan to finance the Cooperative housing project cannot be made or insured by FmHA or its successor agency under Public Law 103-354, or the Cooperative withdraws its application for such loan, the Cooperative shall return to Subscriber all sums paid by Subscriber hereunder. Upon either determination by FmHA or its successor agency under Public Law 103-354 and the return of the sums to Subscriber as provided in this paragraph (b), this agreement shall become null and void and all rights and liabilities hereunder of the parties shall cease and terminate.

(c) If the Subscriber within five (5) days after the execution of this subscription agreement, notifies the Cooperative in writing that he wishes to withdraw from the agreement, the amounts paid by the Subscriber under this agreement will be returned to the Subscriber and thereupon all rights and liabilities of the Subscriber hereunder shall cease and terminate. If, at the end of the five-day period, the Subscriber has not exercised this right to withdraw, the right will be terminated. If FmHA or its successor agency under Public Law 103-354 determines that membership has not been achieved to the extent required by FmHA or its successor agency under Public Law 103-354, the Subscriber will again have the right to withdraw within a five-day period.

(d) If the Subscriber defaults in any obligation under this Agreement, and such default continues for fifteen (15) days after notice sent by registered mail by the Cooperative to the Subscriber at the address given below, then at the option of the Cooperative, the Subscriber shall lose any and all rights under this agreement. Any amount paid toward this subscription price at the option of the Cooperative may be retained by the Cooperative as liquidated damages or be returned, less the Subscriber's proportionate share of expenses incurred by the Cooperative as determined solely by the Cooperative. The Cooperative may, at its option, release the obligations of the Subscriber under this agreement in the event the Subscriber secures an assignee of this agreement who assumes the obligations herein contained and is satisfactory to the Cooperative and FmHA or its successor agency under Public Law 103-354 while mortgagee. This Agreement is not otherwise assignable.

6. Oral Representation Not to be Relied Upon. This agreement will supersede any prior understandings and agreements and constitutes the entire agreement between the Subscriber and the Cooperative, and no oral representation or statements shall be considered a part hereof.

Witness: Subscriber Subscriber Address Telephone