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B~K 21~ P;.GE ,.~9~ <br />contribution secured by a deferred payment promissory note and deed of trust) or <br />"equity" will be divided 50/50 by the seller of the Property and the County. <br />5.3 The resale provision shall remain in effect for the full affordability period - 99 <br />years. <br />6. Miscellaneous Provisions. <br />a. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all properties constructed with funds provide <br />affordable units to low-income families. It is the County's intention that the full public benefit of <br />this project shall be completed under the auspices of Habitat for the assisted units as follows: <br />i. In the event that Habitat is unable to proceed with any aspect of the Project in a <br />timely manner, and County and Habitat determine that reasonable extension(s) for <br />completion will not remedy the situation, then Habitat will retain responsibility for <br />requirements for any dwelling units assisted and County will make no further <br />payments to Habitat. <br />ii. In the event that Habitat, prior to the contract completion date, is unable to continue <br />to function due to, but, not limited to, dissolution or insolvency of the organization, <br />its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or <br />fails to comply or perform with provisions of this agreement, then Habitat shall, upon <br />the County's request, convey to the County the properties assisted with funds. <br />Conveyance shall be at the sole discretion of County and on a dwelling unit by <br />dwelling unit basis. <br />Conveyance of properties shall be on the terms set forth herein: <br />Conveyance of properties shall occur within thirty (30) days of County and Habitat's <br />agreement of Habitat's inability to continue as a viable organization. Habitat shall <br />convey the subject properties to County by general warranty deed, free and clear of all <br />liens and encumbrances of record except those which create a beneficial interest in <br />County (Declaration of Restrictive Covenants and Deed of Trust). <br />b. Default, Remedies. This Agreement may be terminated by a non-defaulting <br />party upon an event of default hereunder, after written notice thereof and thirty (30) days grace <br />period in which the defaulting party may act to cure. As used herein, the term "an event of <br />default" shall mean and refer to a failure or act of omission by either party with respect to any <br />undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to <br />any event of default, the non-defaulting party may exercise any right available to it at law or in <br />equity with respect to such default. <br />c. Books and Records. Habitat shall maintain records of its grant requirements <br />under this contract for a period of not less than five (5) full fiscal years following the contract <br />completion date. <br />4 <br />