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and provides remedies to insure the long term affordability of the housing unit. CHT hereby <br /> declares and covenants, on behalf of itself and all future owners of the Property, that, during the <br /> term of this Declaration, the County is a third party beneficiary of and successor to each and <br /> every remedy intended to insure the long term affordability of the housing unit that is provided <br /> for in the Ground Lease and may, in the event of the failure or default of the Lessor in the <br /> Ground Lease to insure the long term affordability of the housing unit as provided for in the <br /> Ground Lease, exercise all rights and remedies available to the Lessor in the Ground Lease for <br /> that purpose. <br /> b. CHT covenants that it will not knowingly take or permit any action that would result in a <br /> violation of the affordability requirements of the AFFORDABLE HOUSING BOND <br /> DEVELOPMENT AGREEMENT. Orange County, together with any future owner of the <br /> Property may execute and record any amendment or modification of this Declaration necessary <br /> to insure the successful completion of the Project and the long term affordability (at least 99 <br /> years) of the housing units on the Property and such amendment or modification shall, to the <br /> extent permitted by law, either relate back to the date of recording of this Declaration or not as <br /> necessary to carry out the intent of this Declaration, and be binding on third parties granted rights <br /> under this Declaration. CHT expressly covenants and agrees to rerecord this Declaration <br /> periodically and no less often than one day less than every 30 years from the date hereof for the <br /> purpose of renewing the Lessor's option to purchase and right of first refusal, that are contained <br /> in the Exhibit B Ground Lease, in the Property or portion thereof including any leasehold interest <br /> in the Property or portion thereof. <br /> C. CHT acknowledges that the primary purpose for requiring compliance by CHT with <br /> restrictions provided in this Declaration is to assure compliance with the long term affordability <br /> requirements of the AFFORDABLE HOUSING BOND PROGRAM, CHT, IN <br /> CONSIDERATION FOR RECEIVING AFFORDABLE HOUSING BOND PROGRAM <br /> FUNDS FOR THE PROPERTY, HEREBY AGREES AND CONSENTS THAT THE <br /> COUNTY SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, <br /> AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, <br /> TO ENFORCE BY SPECIFIC PERFORMANCE CHT'S OBLIGATIONS UNDER THIS <br /> DECLARATION IN A STATE COURT OF COMPETENT JURISDICTION, WITH VENUE <br /> IN ORANGE COUNTY. CHT hereby further specifically acknowledges that the beneficiaries of <br /> CHT's obligations hereunder cannot be adequately compensated by monetary damages in the <br /> event of any default hereunder. If legal costs are incurred by the County, such legal costs, <br /> including attorney fees and court costs (including costs of appeal), are the responsibility of, and <br /> may be recovered from the CHT. <br /> SECTION 5 MISCELLANEOUS <br /> a. Severability. The invalidity of any clause,part, or provision of this Declaration shall not <br /> affect the validity of the remaining portions thereof. <br /> 14 <br />