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DRAFT <br /> 18 <br /> dispose of its interest in the Improvement only to a low-income household, one <br /> whose combined income does not exceed 80% of the median household income <br /> as determined annually by HUD, to use as their principal residence. <br /> 5.2 The original buyer shall receive a fair return on investment(including the <br /> buyer's investment and any capital investment). <br /> 5.3 The resale provision shall remain in effect for the full affordability period—99 <br /> years. <br /> 6. Miscellaneous Provisions. <br /> a. Termination of Agreement.The full benefit of the Scarlette project will be <br /> realized only after the completion of the affordability periods for all properties constructed with <br /> funds provide affordable units to low-income families. It is the County's intention that the full <br /> public benefit of this project shall be completed under the auspices of OCHC for the assisted <br /> units as follows: <br /> i. In the event that OCHC is unable to proceed with any aspect of the Scarlette <br /> Drive project in a timely manner, and County and OCHC determine that reasonable <br /> extension(s) for completion will not remedy the situation, then OCHC will retain <br /> responsibility for requirements for any units assisted and County will make no further <br /> payments to OCHC. <br /> ii. In the event that OCHC,prior to the close of the final affordability period, is <br /> unable to continue to function due to, but, not limited to, closure or insolvency of the <br /> organization, filing a petition of bankruptcy or similar proceedings, or is adjudged <br /> bankrupt or fails to comply or perform with provisions of this agreement as required by <br /> federal regulations,then OCHC shall, upon the County's request, convey to the County <br /> the properties assisted with funds and included in the CLT. Conveyance shall be at the <br /> sole discretion of County and on a property by property 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 OCHC's <br /> agreement of OCHC's inability to continue as a viable organization. OCHC shall convey <br /> the subject properties to County by statutory warranty deed, free and clear of all liens and <br /> encumbrances of record. <br /> b. Default, Remedies. This Agreement may be terminated by a non-defaulting <br /> party upon an event of default hereunder, after written notice thereof and thirty (30) days grace <br /> period in which the defaulting party may act to cure. As used herein, the term "an event of <br /> default" shall mean and refer to a failure or act of omission by either party with respect to any <br /> undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to <br /> any event of default, the non-defaulting party may exercise any right available to it at law or in <br /> equity with respect to such default. <br /> 22 <br />