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c. Sales After Failure to Exercise Rights of Refusal If Orange County does not <br />advise Owner in a timely fashion of an intent to purchase the Property, then Owner shall <br />be free to Transfer the property in accordance with this Section. <br />d. Assi ability., Orange County may assign its right of first refusal without Owner's <br />consent. <br />B. Resale Provisions <br />a. If the Owner no longer uses the Property as affordable rental property, then Owner <br />must sell, transfer, or otherwise dispose of their interest in the Property only to an agency <br />with similar interest in affordable housing and to serve families with incomes not <br />exceeding 50% of the area median household income by family size, as determined by the <br />U.S. Deparhnent of Housing and Urban Development at the time of the transfer. The <br />non-profit fund, foundation, or corporation of like purposes must have established its tax- <br />exempt status under Section 501 (c)(3) of the Internal Revenue Code. <br />b. However, if the property is not sold, transferred,. or otherwise disposed of to an <br />agency with similar interest in affordable housing during the term of affordability, the net <br />sales proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of the <br />original first mortgage and (3) the unpaid principal amount of the initial County <br />contribution and any other initial government contribution secured by a deferred payment <br />promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of the <br />Property and the County. <br />c. The resale provisions shall remain in effect for the full affordability period - 99 yeazs. <br />C. Owner covenants that it will not knowingly take or permit any action that would result in <br />a violation of the affordability requirements of Orange County or of the Federal HOME <br />Investment Partnership Program. Orange County, together with Owner, may execute and record <br />any amendment or modification of this Declazation and such amendment or modification shall be <br />binding on third parties granted rights under this Declaration. <br />D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br />restrictions provided in this Declaration is to assure compliance with the affordability <br />requirements of Orange County and the Federal HOME Investment Partnership Program, AND <br />BY REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING FEDERAL <br />HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY <br />HEREBY AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE ENTITLED, <br />FOR ANY BREACH OF THE PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER <br />REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE BY SPECIFIC <br />PERFORMANCE OWNER'S OBLIGATIONS UNDER THIS DECLARATION IN A STATE <br />COURT OF COMPETENT JURISDICTION, WITH VENUE IN ORANGE COUNTY. Owner <br />hereby further specifically acknowledges that the beneficiaries of Owner's obligations hereunder <br />Page 14 <br />