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WHEREAS, the County Board of Commissioners approved the following additional <br />funds for the construction by Habitat of infrastructure necessary for the Project: <br />Amount Funding <br />Source Development <br />A Bement Housing Units <br />Benefited <br />$450,000 Coun Bond loan Se tember 18, 2009 30 <br />$ 70,000 FY 2005 HOME loan Se tember 18, 2009 <br />$250,000 FY 2009 HOME loan Se tember 18, 2009 20 <br /> <br />WHEREAS, the County and Habitat agree to amend the previous Development <br />Agreements between them. with respect to the housing units in the Project benefited by the <br />previous Development Agreements; <br />WHEREAS, notwithstanding amendment of the previous Development Agreements, <br />with respect to housing units benefited, Habitat by this Agreement acknowledges and confirms <br />all of its other obligations to Orange County contained in the previous Development Agreements <br />and Declarations of Covenants, Promissory Notes and Deeds of Trust related to and securing <br />Habitat's obligations contained in the previous Development Agreements; and <br />WHEREAS, by this Development Agreement, Habitat and the County are creating new <br />obligations for the additional funds to be provided Habitat as provided herein; and <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />low income household that has not owned a home within the past three (3) years including <br />households living in manufactured housing not permanently affixed to a foundation, or owner- <br />occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br />at least one year prior to the home purchase; and <br />WHEREAS, the County Board of Commissioners has designated approximately $450,000 <br />Bond funds (hereafter "the Bond funds") for the purpose of infrastructure costs in the development <br />of the Project; and <br />WHEREAS, this Agreement provides to Habitat the additional $450,000 Bond funds <br />(hereafter "the Bond funds") for the construction by Habitat of infrastructure necessary for the <br />Project which funds will be secured by a Promissory Note/Deferred Payment Loan of even date <br />in the amount of $450,000 and a Deed of Trust of even date on the Property; and <br />WHEREAS, the Bond funds together with all previous and future loan funds provided <br />by the County for the Project will be credited by Habitat to the homebuyers when the <br />homebuyers purchase homes and the homebuyers will in turn owe the County the amount of the <br />credit; and <br />WHEREAS, it is the intent of Habitat and the County that the amount of each <br />homebuyer credit from Habitat and homebuyer debt to the County will be, to the extent <br />2 <br />