Agenda - 06-22-1998 - 8h - Laserfiche WebLink

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d. Transfer of property that includes rehabilitation requires an appraisal by a qualified appreiser. If rehabilitation is required, the appreised value of the property after rehabilitation cannot exceetl 95% of the metlian area house value. (Note, the property value-not purchase price-must be equal to or less than 95%of median purchase price.) The after rehabilitation value estimate must be completed prior to the invesMent of HOME funtls. 2. The Property shall be securetl by a note from OPC to the County and a tleed of trust constituting a fret lien on the each lot of subject Property which deed of trust shall tlesignate the County as the securetl partylbenefciary. The note and tleetl of trust shell be in the form of the tlocuments that are aHachetl to antl a part of this Agreement. 3. OPC agrees [o rent the property to a family whose income tloea not exceetl 50% of the area metlian income by family size, as tletenninetl by the U. S. Department of Housing and Urban Development antl as amendetl from time to time. 4. Any rental income in excess of the epprovetl rental operations butlget must be returned to Orange County at the end of the July 1 fscal year annually. 5. The County and OPC agree to comply wkh the Act, its regulations antl Fetleral Program Requirements in the purchase antl lease of the Property. The County antl OPC further agree to comply with the provisions of the Funtling Agreement, datetl July 1, 1997, attachetl hereto and made a part of this Agreement (Exhibit B). 6. Miscellaneous Provisions. a. Termination of Agreement The obligations of Ne parties hereuntler antl the speck obligation of OPC to provide rental housing for low inrgme families shall terminate on December i6, 2017. Notwithstanding the foregoing, the parties hereto may terminate this Agreement at any time by a mutual agreement to that eNecf in writing. b. Oahult, Remetliea. This Agreement may be hrmina[etl by a non- defaulting party upon an event of default hereuntler, after written notice thereof is given giving the defaulting party thirty (30) days in which to cure the default As usetl herein, [he term "an event of default" shall mean antl refer to a breach of any of the terms of this Agreement inclutling a failure to meet the Ome limitations conhinetl in this Agreement and a failure to act as required by this Agreement by eiMer party with respect to any untlertaking, obligation, covenant or contlition as set foM in this Agreement which the defaulting party has not curetl. WRh respect to any event of tlefault, the non-defaulting parry may exercise any right available to k at law or in equhy with respect to such tlefauk.