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WHEREAS, OCHLT intends to acquire and/or renovate the project dwelling unit and <br />make it available for lease, as described herein, to a family earning up to 80% of HUD area <br />median income as described in the OCHLT HOME Program Application Amendment dated <br />February 27, 2007, which Application is incorporated by reference into this Agreement. The <br />February 27, 2007 HOME Program Application is on file in the office of the Orange County <br />Department of Housing and Community Development. <br />WHEREAS, as particularly described herein, the Property will be held by OCHLT, <br />ensuring affordability of the project dwelling unit for at least 99 years; and <br />WHEREAS, OCHLT has signed this Declaration agreeing to the terms of this <br />Declaration, its obligations pursuant to this Declaration and agreeing to the terms of the <br />Development Agreement between the County and OCHLT of even date; and <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br />OCHLT hereby represents, covenants and warrants as follows: <br />. a. Subject to the requirements of the GRANT AGREEMENT, an unsigned copy of which <br />is Exhibit A hereto, and this Declaration, OCHLT may sell, transfer, or exchange the Property to <br />anon-profit fund, foundation, or corporation of like purpose which is organized and operated <br />exclusively for charitable and educational purposes and which has established its tax exempt <br />status under Section 501(c)(3) of the Internal Revenue Code, or to the County, but Owner shall <br />notify in writing and obtain the agreement of any buyer or successor or other person acquiring <br />the Property or any interest therein, that such acquisition is subject to the requirements of this <br />Declaration and to the requirements of the GRANT AGREEMENT and the Federal HOME <br />Investment Partnership Program. OCHLT agrees that County may void any sale, transfer, or <br />exchange of the Property or any portion of the Property if the buyer or successor or other person <br />fails to assume in writing the requirements of this Declaration and the requirements of the <br />GRANT AGREEMENT. <br />b. Contemporaneously with the execution, delivery and recording of this Declaration, <br />OCHLT will acquire good and marketable title to the Property, free and clear of any lien or <br />encumbrance (except encumbrances created pursuant to this Declaration or other encumbrances <br />permitted by Orange County). <br />c. OCHLT warrants that it will not accept title to~ the Property subject to and will not <br />execute any other declaration with provisions contradictory to, or in opposition to, the provisions <br />hereof, and that in any event, the requirements of this Declaration are paramount and controlling <br />as to the rights and obligations herein set forth and supersede any other requirements in conflict <br />herewith. <br />t <br />12 <br />