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dwelling unit is located on the property more particularly described in EXHIBIT A attached <br /> hereto and made a part of this Agreement(hereinafter referred to as "the Property"); and <br /> WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of <br /> acquiring the Property as described in its HOME Program application dated February 29, 2012 <br /> which is hereby incorporated into and made part of this Agreement; and <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and the <br /> Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of <br /> funds or site approval, and that such commitment of funds or approval may occur only upon <br /> satisfactory completion of an environmental review and receipt by Orange County of a Release of <br /> Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br /> applicable. The parties further agree that the provision of such funds to the project is conditioned <br /> on Orange County's determination to proceed with, modify, or cancel the project based on the <br /> results of a subsequent environmental review. <br /> WHEREAS, EmPOWERment, Inc. has signed this Declaration agreeing to the terms of <br /> this Declaration, its obligations pursuant to this Declaration and agreeing to the terms of the <br /> DEVELOPMENT AGREEMENT which is attached as Exhibit B hereto and made part of this <br /> Agreement between the County and EmPOWERment, Inc.; <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth and <br /> of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, <br /> Owner intends, declares, and covenants that the regulatory and restrictive covenants set forth <br /> herein governing the use, occupancy, and transfer of the Property shall be and are covenants <br /> pertaining to the Property and running with the land for the term stated herein <br /> and are binding upon all subsequent owners of the Property and for such term, except as <br /> specifically provided herein, and are not merely personal covenants of Owner. <br /> SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> Owner hereby represents, covenants and warrants as follows: <br /> a. It is contemplated that the Property and the Project will be used, during the ninety-nine <br /> years after Project Completion (defined as the last of the following events: the Property is <br /> acquired, rehabilitated, if necessary, and the Project dwelling unit occupied by a low- <br /> income family), for rental housing to families earning up to 80% of HUD area median <br /> income. In the event Owner sells, transfers or exchanges the Property or any portion of <br /> the Property, the following shall pertain: <br /> 1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B <br /> hereto), the Orange County HOME Investment Partnership Program and this <br /> Declaration, Owner may sell, transfer, or exchange the Property to a non-profit fund, <br /> foundation, or corporation of like purpose which is organized and operated <br /> exclusively for charitable and educational purposes and which has established its tax <br /> exempt status under Section 501 (c)(3) of the Internal Revenue Code, or to Orange <br /> Declaration of Restrictive Covenants <br /> Page 2 <br />