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• Housing and Urban Development at the time of the sale. OCHLT shall provide no less <br />than 90 days notice to the current tenant prior to scheduled demolition of the project <br />dwelling unit. <br />d. The period of affordability will be at least 99 yeazs and is secured by a <br />Declazation of Restrictive Covenants (Exhibit A) with restrictions to ensure compliance. <br />e. OCHLT is responsible for verifying the income of prospective tenants and buyers <br />and maintaining eligibility data.. OCHLT shall maintain tenant files as part of its Books <br />and Records as required and for the period of time required by Section 6c.of this <br />Agreement. OCHLT must provide the County an initial occupancy report verifying the <br />income eligibility of all tenants at the time of initial lease-up. Further, OCHLT must <br />furnish the County with an annual report on the Project dwelling unit by July 31 of each <br />yeaz thereafter certifying that all tenants earn less than 80% of the azea median income <br />by family size, as determined by the U.S. Department of Housing and Urban <br />Development and as amended from time to time. <br />2. At the time of resale of the project dwelling unit, OCHLT will convey a housing unit to a <br />qualified homebuyer. Each housing unit will consist of a 99 yeaz Ground Lease <br />(renewable for an additional 99 years) to the project dwelling unit. The Ground Lease, <br />the form of which is Exhibit C hereto, provides for the long term affordability (at least <br />• 99 years) of the housing unit and provides remedies to insure the long term affordability <br />of the housing unit. OCHLT hereby declares and covenants, on behalf of itself and all <br />future owners of the Properly, that, during the term of this Declaration, the County is a <br />third party beneficiary of and successor to each and every remedy intended to insure the <br />long term affordability of the housing unit that is provided for in the Ground Lease and <br />may, in the event of the failure or default of the Lessor in the Ground Lease to insure the <br />long term affordability of the housing unit as provided for in the Ground Lease, exercise <br />all rights and remedies available to the Lessor in the Ground Lease for that purpose. <br />3. Each housing unit must have a value that does not exceed 95% of the area median <br />purchase price for that type of housing. <br />Value must be established by one of the following methods: <br />i. An appraisal by a qualified appraiser. <br />ii. Tax assessments may be used to establish value, but only if they are <br />current and can be computed at 100% of mazket value. <br />4. Time for Commencement and Completion. The Project must begin within six (6) <br />months of the date of this Agreement. In addition, OCHLT agrees to furnish to the <br />County a copy of its annual audit performed by a certified public accountant within 90 <br />days of the end of each fiscal year until the Project is complete. <br />• <br />The Project completion date is the closing date of the conveyance of a dwelling umt <br />2 <br />