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8 <br /> 5.2 If the property is sold during the term of affordability to a non-qualified <br /> homebuyer to be used as their principal residence, the net sales proceeds (sales <br /> price less selling costs and I" mortgage payoff) herein after referred to as <br /> "equity", after repayment, if required by the Note and Deed of Trust, of the initial <br /> bond investment, will be divided 50150 by the seller of the Property and the <br /> County. If the initial bond investment need not be repaid, then the entire equity <br /> realized from the sale will be divided 50150 by the seller of the Property and the <br /> County. <br /> 5.3 The resale provision shall remain in effect for the full affordability period—99 <br /> years. <br /> 6. Property Standards. HOME assisted units must, at a minimum, meet the housing <br /> quality standards of the HOME program 24 CFR 982.401. In addition, HOME assisted <br /> units must meet all applicable local codes, ordinances, and zoning ordinances. <br /> The housing must meet the accessibility requirements in the regulations referenced 24 <br /> CFR 5.105 (a) which implement the Fair Housing Act and Section 504 of the <br /> Rehabilitation Act of 1973. <br /> 7. 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 OCHLT for the assisted units as follows: <br /> i. In the event that OCHLT is unable to proceed with any aspect of the Project in a <br /> timely manner, and County and OCHLT determine that reasonable extension(s) for <br /> completion will not remedy the situation, then OCHLT will retain responsibility for <br /> requirements for any dwelling units assisted and County will make no further <br /> payments to OCHLT. <br /> ii. In the event that OCHLT, 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 OCHLT 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 /> Conveyance of properties shall occur within thirty (30) days of County and OCHLT's <br /> agreement of OCHLT's inability to continue as a viable organization. OCHLT shall <br /> convey the subject properties to County by general warranty deed, free and clear of <br /> 8 <br />