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DRAFT <br /> 3 <br /> EmPOWERment shall be responsible for explaining the second mortgage program to <br /> potential homebuyers and certify by written documentation signed by the homebuyer that <br /> the program requirements have been fully explained. EmPOWERment shall maintain <br /> purchaser files for a period of 99 years following completion of the development of the <br /> Property. <br /> 2. Progress Payments. The County shall make progress payments, when requested by <br /> EmPOWERment, as the work progresses. Payments shall be based upon work completed <br /> and approved by County. Progress payment requests shall be based on actual costs <br /> incurred by EmPOWERment identified in the Budget as described in attached Exhibit B. <br /> Payment requests shall be accompanied by copies of documentation for actual expenses. <br /> Request amounts shall be verified by County for satisfactory completion prior to <br /> payment. <br /> The bond funding provided by the County will be provided as a deferred second <br /> mortgage transferable to the individual families at the time of sale. The bond investment <br /> will be secured by a forty (40) year Deed of Trust and Promissory Note, forgivable at the <br /> end of 40 years. The period of affordability will be 99 years and will be secured by a <br /> deed covenant that will incorporate a right of first refusal that may be exercised by <br /> EmPOWERment and/or Orange County. If the Property is sold during the term of <br /> affordability, all equity realized from the sale will be divided 50150 by the seller of the <br /> Property and the County. <br /> 3. Time for Commencement and Completion. EmPOWERment, Incorporated must <br /> submit a sound, site-specific development proposal for developing the Property within <br /> eighteen (18) months of initial award. Actual construction must begin within three (3) <br /> years of the original application date. EmPOWERment will responsible for providing <br /> status reports to the County quarterly detailing the project activities until project <br /> completion. In addition, EmPOWERment agrees to furnish to the County a copy of its <br /> annual audit, performed by a certified public accountant within 90 days of the end of each <br /> fiscal year until the Project is complete. <br /> Completion date shall be designated as the closing date of the purchase of the final Pine <br /> Hill Drive property. In the event that EmPOWERment is unable to proceed with any <br /> aspect of the project in a timely manner, and County and EmPOWERment determine that <br /> reasonable extension(s) for completion will not remedy the situation, then the conditions <br /> of termination shall be in effect. EmPOWERment may, at its option, submit a written <br /> request for a delay of completion for County approval. Any delay in the completion date <br /> shall be approved by County. <br /> EmPOWERment shall monitor the constructed units for affordability for the period of <br /> affordability — ninety-nine (99) years. Final contract completion date shall be the latest <br /> end date of all assisted unit affordability periods. <br /> 4. Affordability Requirement. The units must remain affordable for period of ninety-nine <br /> years. EmPOWERment retains full responsibility for compliance with the affordability <br /> 3 <br />