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1.2 The HOME funding provided by the County will be provided as a deferred <br /> second mortgage to the individual families at the time of sale. The HOME <br /> Program investment will be secured by a forty (40) year Deed of Trust and <br /> Promissory Note, forgivable at the end of 40 years. This Deed of Trust and <br /> Promissory Note shall constitute a lien on the Property, second only to the <br /> Declaration of Restrictive Covenants described in paragraph 4 of this Agreement, <br /> with the County as the secured party/beneficiary. The County agrees to <br /> subordinate its Deed of Trust lien to a lien securing Habitat or other private, first- <br /> time permanent financing acquired by the homebuyer. <br /> 1.3 The period of affordability will be 99 years and will be secured by a Declaration <br /> of Restrictive Covenants that will incorporate a right of first refusal that may be <br /> exercised by Habitat and/or Orange County. <br /> 1.4 Habitat is responsible for soliciting buyers for the five, new dwelling units. <br /> Habitat and/or its buyers shall be responsible for securing permanent mortgage <br /> financing for the homes. <br /> 1.5 Habitat is responsible for verifying the income of the homebuyers, explaining the <br /> second mortgage program to potential homebuyers and certifying by written <br /> documentation signed by the homebuyer that the program requirements have been <br /> fully explained. Habitat shall maintain purchaser files as part of its Books and <br /> Records as required and for the period of time required by Section 6.c. of this <br /> Agreement. <br /> 2. Time for Commencement and Completion. In addition, Habitat agrees to furnish to <br /> the County a copy of its annual audit, performed by a certified public accountant within <br /> 90 days of the end of the fiscal year of expenditure of the HOME Program Funding. <br /> The Project completion date is the closing date of the purchase by a qualified buyer of the <br /> last of the five units to be constructed. In the event that Habitat is unable to proceed with <br /> any aspect of the Project in a timely manner, and County and Habitat determine that <br /> reasonable extension(s) for completion will not remedy the situation, then the <br /> Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. <br /> Habitat may, at its option, submit a written request for a delay of completion for County <br /> approval. The County may, at its option, approve any delay in the completion date or <br /> declare Habitat in default. <br /> Habitat shall monitor the constructed units for affordability for the period of affordability <br /> —ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br /> assisted unit affordability periods. <br /> 3. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br /> nine years. Habitat retains full responsibility for compliance with the affordability <br /> requirement for assisted units, unless affordability restrictions are terminated due to the <br /> sale of the Property to a non-qualified buyer in which event the Resale Provisions of <br /> 2 <br />