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Improvements: <br /> 4.1 If the buyer no longer uses the Property as rental property or is unable to continue <br /> ownership, then the buyer must sell, transfer, or otherwise dispose of their interest <br /> in the Property only to an agency with similar interest in affordable housing and <br /> serve families with incomes not exceeding 80% of the area median household <br /> income by family size, as determined by the U.S. Department of Housing and <br /> Urban Development at the time of the transfer. The non-profit fund, foundation, <br /> or corporation of like purposes must have established its tax-exempt status under <br /> Section 501 (c)(3) of the Internal Revenue Code. <br /> 4.2 However, if the property is not sold, transferred, or otherwise disposed to an <br /> agency with similar interest in affordable housing during the term of affordability, <br /> the Right of First Refusal provision 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 50150 by the seller of the Property <br /> and the County. <br /> 4.3 The resale provision shall remain in effect for the full affordability period — 99 <br /> years. <br /> 5. 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 unit 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 the Town for the assisted unit as follows: <br /> i. In the event that the Town is unable to proceed with any aspect of the Project in a <br /> timely manner, and County and the Town determine that reasonable extension(s) for <br /> completion will not remedy the situation, then the Town will retain responsibility for <br /> requirements for any dwelling unit assisted and County will make no further <br /> payments to the Town. <br /> ii. In the event that the Town, 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 the Town shall, <br /> upon 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 /> 4 <br />