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WHEREAS, the as particularly described herein, the Property will be held by CHT (See <br /> Exhibit A), ensuring affordability of the project dwelling units for at least 99 years. <br /> WHEREAS, CHT has signed this Declaration agreeing to the terms of this Declaration, <br /> its obligations pursuant to this Declaration and agreeing to the terms of the Development <br /> Agreement between the County and CHT of even date; and <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br /> representations contained herein, it is agreed between the parties hereto as follows: <br /> SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> CHT hereby represents covenants and warrants as follows: <br /> a. Subject to the requirements of the AFFORDABLE HOUSING BOND <br /> DEVELOPMENT AGREEMENT, an unsigned copy of which is Exhibit B hereto, and this <br /> Declaration, CHT may sell, transfer, or exchange the Property to a non-profit fund, foundation, <br /> or corporation of like purpose which is organized and operated exclusively for charitable and <br /> educational purposes and which has established its tax exempt status under Section 501(c)(3) of <br /> the Internal Revenue Code, or to the County, but Owner shall notify in writing and obtain the <br /> agreement of any buyer or successor or other person acquiring the Property or any interest <br /> therein, that such acquisition is subject to the requirements of this Declaration and to the <br /> requirements of the AFFORDABLE HOUSING BOND DEVELOPMENT AGREEMENT, <br /> CHT agrees that County may void any sale, transfer, or exchange of the Property or any portion <br /> of the Property if the buyer or successor or other person fails to assume in writing the <br /> requirements of this Declaration and the requirements of the AFFORDABLE HOUSING <br /> BOND DEVELOPMENT AGREEMENT. <br /> b. Contemporaneously with the execution, delivery and recording of this Declaration, CHT <br /> will acquire good and marketable title to the Property, free and clear of any lien or encumbrance <br /> (except encumbrances created pursuant to this Declaration or other encumbrances permitted by <br /> Orange County). <br /> C. CHT warrants that it will not accept title to the Property subject to and will not execute <br /> any other declaration with provisions contradictory to, or in opposition to, the provisions hereof, <br /> and that in any event, the requirements of this Declaration are paramount and controlling as to <br /> the rights and obligations herein set forth and supersede any other requirements in conflict <br /> herewith. <br /> SECTION 2 TERM OF DECLARATION <br /> a. This Declaration (and the terms of affordability specified herein) applies to the Property <br /> immediately upon the recordation of this Declaration. CHT and all subsequent owners of the <br /> Property shall comply with all covenants herein. This Declaration shall terminate ninety-nine <br /> years after the Project completion date as specified in the AFFORDABLE HOUSING BOND <br /> DEVELOPMENT AGREEMENT. <br /> 12 <br />