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corporation of like purpose which is organized and operated exclusively for <br />charitable and educational purposes and which has established its tax exempt status <br />under Section 501 (c)(3) of the Internal Revenue Code, or to Orange County; <br />provided, however, Owner shall obtain the written agreement, in form satisfactory to <br />Orange County, of any buyer or successor or other person acquiring the Property or <br />any interest therein, that such acquisition is subject to the requirements of this <br />Declaration and to the requirements of the DEVELOPMENT AGREEMENT and the <br />HOME INVESTEMENT PARTNERSHIP PROGRAM. Owner agrees that County <br />may void any sale, transfer, or exchange of the Property or any portion of this <br />Property if the buyer or successor or other person fails to assume in writing the <br />requirements of this Declaration and the requirements of the DEVELOPMENT <br />AGREEMENT and the HOME INVESTMENT PARTNERSHIP PROGRAM. <br />2. Any assignment, sale, transfer, conveyance or other disposition of the Property or any <br />part of the Property other than as described in subparagraph 1 above, whether <br />voluntary or involuntary or by operation of law shall be subject to the provisions of <br />SECTION 4 of this Declaration. <br />b. Owner will, at the time of execution, delivery and recording of this Declaration, have <br />good and marketable title to the Property, free and clear of any lien or encumbrance (except <br />encumbrances created pursuant to this Declaration or other permitted encumbrances). <br />c. Owner warrants that it has not and will not execute any other declaration with provisions <br />contradictory to, or in opposition to, the provisions hereof, and that in any event, the <br />requirements of this Declaration are paramount and controlling as to the rights and obligations <br />herein set forth and supersede any other requirements in conflict herewith. <br />SECTION 2 TERM OF DECLARATION <br />a. This Declaration, and the Terms of Affordability specified herein, apply to the Property <br />immediately upon recordation, and Owner shall comply with all restrictive covenants herein. <br />This declaration shall terminate ninety-nine years after Project Completion, unless Orange <br />HOME Investment Partnership Program affordability restrictions are terminated due to the sale <br />of the Property to anon-qualified buyer as provided herein. <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br />THE LAND <br />a. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange <br />County. <br />b. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br />Project during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer <br />of the Property (1) shall be and are covenants running with the land, encumbering the Property <br />for the term of this declaration, binding upon Owner's successors in title and all subsequent <br />Owners of the Property; (2) are not merely personal covenants of Owner; and (3) shall bind <br />Owner (and the benefits shall inure to Orange County and any past, present or prospective owner <br />of the Property) and its respective successors and assigns during the term of this Declaration. <br />14 <br />