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WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />household earning up to 80% of HUD area median income that has not owned a home within <br />the past three (3) years including households living in manufactured housing not permanently <br />affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation; and <br />WHEREAS, CHT intends to make them available for lease, as described herein, to <br />families earning up to 80% of HUD area median income as described in the FY 2009 OCHLT <br />HOME Program Application which Application is incorporated by reference into this <br />Agreement. The FY 2009 HOME Program Application is on file in the office of the Orange <br />County Department of Housing and Community Development. <br />WHEREAS, as particularly described herein, the Property will be held by CHT, <br />ensuring affordability of the project dwelling unit for at least 99 years; and <br />WHEREAS, CHT has signed this Declaration agreeing to the terms of this Declaration, <br />its obligations pursuant to this Declaration and agreeing to the terms of the Development <br />Agreement between the County and CHT of even date; and <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br />CHT hereby represents, covenants and warrants as follows: <br />a. Subject to the requirements of the GRANT AGREEMENT, an unsigned copy of which <br />is Exhibit B hereto, and this Declaration, CHT may sell, transfer, or exchange the Property to a <br />non-profit fund, foundation, or corporation of like purpose which is organized and operated <br />exclusively for charitable and educational purposes and which has established its tax exempt <br />status under Section 501(c)(3) of the Internal Revenue Code, or to the County, but Owner shall <br />notify in writing and obtain the agreement of any buyer or successor or other person acquiring <br />the Property or any interest therein, that such acquisition is subject to the requirements of this <br />Declaration and to the requirements of the GRANT AGREEMENT and the Federal HOME <br />Investment Partnership Program. CHT agrees that County may void any sale, transfer, or <br />exchange of the Property or any portion of the Property if the buyer or successor or other person <br />fails to assume in writing the requirements of this Declaration and the requirements of the <br />GRANT AGREEMENT. <br />b. Contemporaneously with the execution, delivery and recording of this Declaration, CHT <br />will acquire good and marketable title to the Property, free and clear of any lien or encumbrance <br />(except encumbrances created pursuant to this Declaration or other encumbrances permitted by <br />Orange County). <br />c. CHT warrants that it will not accept title to the Property subject to and will not execute <br />any other declaration with provisions contradictory to, or in opposition to, the provisions hereof, <br />12 <br />