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buyer or successor or other person fails to assume in writing the requirements of this <br />Declaration and the requirements of the DEVELOPMENT AGREEMENT and the <br />Federal 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 />County and Federal HOME Investment Partnership Program affordability restrictions are <br />terminated due to the sale 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 <br />transfer of the Property (1) shall be and are covenants running with the land, encumbering the <br />Property for the term of this declaration, binding upon Owner's successors in title and all <br />subsequent Owners of the Property; (2) are not merely personal covenants of Owner; and (3) <br />shall bind Owner and its respective successors and assigns during the term of this Declaration. <br />Owner hereby agrees that any and all requirements or privileges of estate are intended to be <br />satisfied, or in the alternate, that an equitable servitude has been created to insure that these <br />restrictions run with the Property. For the term of this Declaration, each and every contract, deed <br />or other instrument hereafter executed conveying the Property or portion thereof shall expressly <br />Page 12 <br />