2003 S Housing - Affordable Rentals, Inc for Housing Bond Program Development Agreement

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`J affordability, the Right of First Refusal provision of the County's Long-Term Housing Affordability Policy must be followed and the net sales proceeds (sales price less: (1) selling cost, and (2) the unpaid principal amount of the initial County contribution and any other initial government contribution secured by a deferred payment promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of the Property and the County. 3.3 The resale provision shall remain in effect for the full affordability period - 99 years. 4. Miscellaneous Provisions. a. Termination of Agreement. The full benefit of the Project will be realized only after the completion of the affordability periods for all Project dwelling units. It is the County's intention that the full public benefit of the Project shall be completed under the auspices of Affordable Rentals, Inc. for the assisted unit as follows: i. In the event that Affordable Rentals, Inc. is unable to proceed with any aspect of the Project in a timely manner, and County and Affordable Rentals, Inc. determine that reasonable extension(s) for completion will not remedy the situation, then Affordable Rentals, Inc. will retain responsibility for requirements for any dwelling unit assisted and County will make no further payments to Affordable Rentals, Inc. ii. In the event that Affordable Rentals, Inc., prior to the contract completion date, is unable to continue to function due to, but, not limited to, dissolution or insolvency of the organization, its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement, then Affordable Rentals, Inc. shall, upon the County's request, convey to the County the Property assisted with funds. Conveyance shall be at the sole discretion of County and on a Project dwelling unit by Project dwelling unit basis. Conveyance shall be on the terms set forth herein: Conveyance shall occur within thirty (30) days of County and Affordable Rentals, Inc.'s agreement of Affordable Rentals, Inc.'s inability to continue as a viable organization. Affordable Rentals, Inc. shall convey the Property to the County by general warranty deed, free and clear of all liens and encumbrances of record except those which create a beneficial interest in County (Declaration of Restrictive Covenants and Deed of Trust). b. Default, Remedies. This Agreement may be terminated by anon-defaulting party upon an event of default hereunder, after written notice thereof and thirty (30) days grace period in which the defaulting party may act to cure. As used herein, the term "an event of default" shall mean and refer to a failure or act of omission by either party with respect to any undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to 4