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y4 <br /> be free to transfer the property in accordance with this Section. <br /> d. Assignability. Orange County may assign its right of first refusal without Owner's <br /> consent. <br /> B. Resale Provisions <br /> a. If the buyer no longer uses the Property as a principal residence or is unable to <br /> continue ownership, then the buyer must sell, transfer, or otherwise dispose of <br /> their interest in the Property only to a qualified homebuyer, i.e., a low-income <br /> household, one whose combined income does not exceed 80%of the area median <br /> household income by family size, as determined by the U.S. Department of <br /> Housing and Urban Development at the time of the transfer, to use as their <br /> principal residence. <br /> b. However, if the property is sold during the term of affordability to a non-qualified <br /> homebuyer, the Right of First Refusal provision of the New and Existing First- <br /> Time Homebuyer Program portion of the County's Long-Term Housing <br /> Affordability Policy must be followed and the net sales proceeds (sales price less: <br /> (1) selling cost, (2)the unpaid principal amount of the original first mortgage and <br /> (3)the unpaid principal amount of the initial County contribution and any other <br /> initial government contribution secured by a deferred payment promissory note <br /> and deed of trust) or"equity"will be divided 50/50 by the seller of the Property <br /> and the County. <br /> c. The resale provisions shall remain in effect for the full affordability period—99 years. <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 HOME Investment <br /> Partnership Program. Orange County, together with Owner, may execute and record any <br /> amendment or modification of this Declaration 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 HOME Investment Partnership Program, AND BY <br /> REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING HOME <br /> INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY HEREBY <br /> AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE ENTITLED, FOR ANY <br /> 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 /> cannot be adequately compensated by monetary damages in the event of any default hereunder. <br /> E. This Declaration may be enforced by Orange County or its designee in the event Owner <br /> fails to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br />