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its said right of refusal, it shall notify the Owner of its election to purchase within 30 days <br />of its receipt of the Notice and shall purchase the Property or portion thereof within 90 <br />days of the receipt of the "Notice of Intent to Sell." <br />c. Sales After Failure to Exercise Rights of Refusal If Orange County does not <br />advise Owner in a timely fashion of an intent to purchase the Property, then Owner shall <br />be free to transfer the property in accordance with this Section. <br />d. Assignability. Orange County may assign its right of first refusal without Owner's <br />consent. <br />B. Resale Provisions <br />a. If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of <br />their interest in the Property only to a qualified homebuyer, i.e., aloes-income <br />household, one whose combined income does not exceed 80% of the area median <br />household income by family size, as determined by the U.S. Department of <br />Housing and Urban Development at the time of the transfer, to use as their <br />principal residence. <br />b. However, if the property is sold during the term of affordability to anon-qualified <br />homebuyer, the Right of First Refusal provision of the New and Existing First- <br />Time Homebuyer Program portion of the County's Long-Term Housing <br />Affordability Policy must be followed and the net sales proceeds (sales price less: <br />(1) selling cost, (2) the unpaid principal amount of the original first mortgage and <br />(3) the unpaid principal amount of the initial County contribution and any other <br />initial government contribution secured by a deferred payment promissory note <br />and deed of trust) or "equity" will be divided 50/50 by the seller of the Property <br />and the County. <br />c. The resale provisions shall remain in effect for the full affordability period - 99 <br />years. <br />C. Owner covenants that it will not knowingly take or permit any action that would result in <br />a violation of the affordability requirements of Orange County or of the HOME Investment <br />Partnership Program. Orange County, together with Owner, may execute and record any <br />amendment or modification of this Declaration and such amendment or modification shall be <br />binding on third parties granted rights under this Declaration. <br />D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br />restrictions provided in this Declaration is to assure compliance with the affordability <br />requirements of Orange County and the HOME Investment Partnership Program, AND BY <br />REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING HOME <br />INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY HEREBY <br />AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE ENTITLED, FOR ANY <br />Declaration of Restrictive Covenants <br />Page 5 <br />