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a1 <br /> naming the County as beneficiary. The County agrees to subordinate its Deed of Trust lien to a <br /> lien securing private permanent financing acquired by the homebuyer. <br /> Said funds shall be disbursed by the County to Habitat for performance of the services described <br /> 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 Tinnen Woods are not expressly subordinated to any other documents. <br /> IV. TIMELINESS <br /> Habitat shall complete the Project by April 31, 2014. However, in the event of any alterations or <br /> additions or of circumstances beyond the control of Habitat, which in the opinion of the Director <br /> of the County's Department of Housing, Human Relations and Community Development will <br /> require additional time for completion of the Project, then in that case, the time of completion <br /> shall be extended by the County Manager in writing for a period of time not to exceed six (6) <br /> months. Any further extensions will require the approval of the Orange County Board of County <br /> Commissioners. <br /> V. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for the Period of Affordability established below. <br /> VI. AFFORDABILITY REQUIREMENTS <br /> Habitat agrees to build and sell the Project dwelling units to five (5) low income families <br /> earning less than 65% of the area median income. Area Median Income by family size is <br /> determined by the U.S. Department of Housing and Urban Development and amended from time <br /> to time. <br /> Each of the Project dwelling units must remain affordable for a period of ninety-nine <br /> years. Habitat retains full responsibility for compliance with the affordability requirement for <br /> each of the Project dwelling units, unless affordability restrictions are terminated due to the sale <br /> of the Property to a non-qualified buyer in which event the Resale Provisions of this Agreement <br /> pertain. Habitat shall assure compliance with affordability of each of the Project dwelling units as <br /> provided in the Declaration on the Property. The Declaration shall constitute and remain a lien on <br /> the Property during the period of affordability. <br /> Habitat agrees to the Affordability Requirements as provided in Section 3b and Resale <br /> Provisions as provided in Section 4B of the Declaration of Restrictive Covenants in Exhibit D. <br /> 3 <br />