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i~ <br />3 <br />d. Transfer of property that includes rehabilitation requires an appraisal by a <br />qualified appraiser. If rehabilitation is required, the appraised value of the <br />property after rehabilitation cannot exceed 95% of the median area house <br />value. (Note, the property value -not purchase price -must be equal to <br />or less than 95% of median purchase price.) The after rehabilitation <br />value estimate must be completed prior to the investment of HOME funds. <br />2. The Property shall be secured by a note from OPC to the County and a deed of <br />trust constituting a first lien on the each lot of subject Property which deed of <br />trust shall designate the County as the secured party/beneficiary. The note and <br />deed of trust shall be in the form of the documents that are attached to and a <br />part of this Agreement. <br />3. OPC agrees to rent the property to a family whose income does not exceed 50% <br />of the area median income by family size, as determined by the U.S. Department <br />of Housing and Urban Development and as amended from time to time. <br />4. Any rental income in excess of the approved rental operations budget must be <br />returned to Orange County at the end of the July 1 fiscal year annually. <br />5. The County and OPC agree to comply with the Act, its regulations and Federal <br />Program Requirements in the purchase and lease of the Property. The County <br />and OPC further agree to comply with the provisions of the Funding Agreement, <br />dated July 1, 1997, attached hereto and made a part of this Agreement (Exhibit <br />B)- <br />6. Miscellaneous Provisions. <br />a. Termination of Agreement. The obligations of the parties hereunder <br />and the specific obligation of OPC to provide rental housing for low income families <br />shall terminate on December 16, 2017. Notwithstanding the foregoing, the parties <br />hereto may terminate this Agreement at any time by a mutual agreement to that effect <br />in writing. <br />b. Default, Remedies. This Agreement may be terminated by a non- <br />defaulting party upon an event of default hereunder, after written notice thereof is given <br />giving the defaulting party thirty (30) days in which to cure the default. As used herein, <br />the term "an event of default" shall mean and refer to a breach of any of the terms of <br />this Agreement including a failure to meet the time limitations contained in this <br />Agreement and a failure to act as required by this Agreement by either party with <br />respect to any undertaking, obligation, covenant or condition as set forth in this <br />Agreement which the defaulting party has not cured. With respect to any event of <br />default, the non-defaulting party may exercise any right available to it at law or in equity <br />with respect to such default. <br />