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if applicable. The parties further agree that the provision of such funds to the project is <br /> conditioned on Orange County's determination to proceed with, modify, or cancel the project <br /> based on the results of a subsequent environmental review. <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto as follows: <br /> I. USE OF HOME FUNDS/SUBSIDY TYPE <br /> 1. The Owner shall perform the projects or tasks related to its allocation of HOME funds as <br /> provided in Exhibit B and within the proposed budget outlined in Exhibit C. Exhibits B and C <br /> are hereby made a part of this Agreement and are incorporated by reference, as it now reads or as <br /> it may be modified by the parties. <br /> 2. The Owner may not request disbursement of funds under this Agreement until the funds <br /> are needed for payment of eligible costs. The amount of each request must be limited to eligible <br /> costs as determined by Orange County staff. <br /> 3. Said funds shall be disbursed by check payable to the Owner. <br /> 4. HOME funds will be a fixed subsidy provided in the form of a grant. <br /> II. AMOUNT OF HOME FUNDS <br /> The County shall make available to the Owner up to One Hundred Thousand Dollars <br /> ($100,000) pursuant to this Agreement. Said funds shall be disbursed by the County to the <br /> Owner for performance of the services described in Exhibit B. <br /> III. LIEN POSITION <br /> Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br /> Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement and <br /> (iv) Declaration of Restrictive Covenants (collectively referred to as "Orange County Loan <br /> Documents"), for The Landings at Winmore shall be and are expressly subordinated to the <br /> following exceptions to title that encumber the property, as described in the Orange County Loan <br /> Documents: (i) Deed of Trust in favor of the North Carolina Finance Deed of Trust in Favor of <br /> North Carolina Housing Finance Agency for $4,995,112 recorded in Book 4895, Page 150, <br /> Orange County Registry, (ii) Declaration of Land Use Restrictive Covenants for Section 1602 <br /> Exchange Program recorded in Book 4895, Page 162, Orange County Registry, (iii) UCC in <br /> Favor of the North Carolina Housing Finance Agency recorded in Book 4895, Page 172, Orange <br /> County Registry, (iv) Deed of Trust in Favor of the North Carolina Housing Finance Agency for <br /> $410,160 recorded in Book 4895, Page 176, Orange County Registry, (v) UCC in Favor of North <br /> Carolina Housing Finance Agency recorded in Book 4895, Page 188, Orange County Registry, <br /> (vi) Deed of Trust in favor of Bank of America for $1,440,000 recorded in Book 5083, Page 80, <br /> Orange County Registry, (vii) Deed Restrictions for Bank of America recorded in Book 5083, <br />