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'1 <br /> writing for a period of time not to exceed six (6) months. Any further extensions will require the <br /> approval of the Orange County Board of County Commissioners. <br /> V. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for the Period of Affordability established below. <br /> VI. AFFORDABILITY REQUIREMENTS <br /> Owner agrees to lease the Project dwelling units to up to two (2) low income families <br /> earning less than 50% of the area median income throughout the term of the 99 year period of <br /> affordability. Area Median Income by family size is determined by the U.S. Department of <br /> Housing and Urban Development and amended from time to time. Residential leases will not <br /> exceed one year in term. <br /> Each of the Project dwelling units must remain affordable for a period of ninety-nine <br /> years. The Owner retains full responsibility for compliance with the affordability requirement <br /> for each of the Project dwelling 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 this <br /> Agreement pertain. The Owner shall assure compliance with affordability of each of the Project <br /> dwelling units as provided in the Declaration on the Property. The Declaration shall constitute <br /> and remain a lien on the Property during the period of affordability. <br /> Owner agrees to the Affordability Requirements as provided in Section 3b and Resale <br /> Provisions as provided in Section 4B of the attached Declaration of Restrictive Covenants in <br /> Exhibit D. <br /> VII. OWNER PERFORMANCE UNDER THIS AGREEMENT <br /> Owner agrees and authorizes the County to conduct on-site reviews, examine client and <br /> contractor records, client applications and to conduct any other procedures or practices to assure <br /> compliance with these provisions. <br /> Owner agrees to not violate any State or Federal laws, rules or regulations regarding a direct or <br /> indirect illegal interest on the part of any employee or elected official of the Owner in the Project <br /> or payments made pursuant to this Agreement. <br /> Owner agrees that to the best of its knowledge, neither the Project nor the funds provided <br /> therefore, and the personnel employed in the administration of the program shall be in any way <br /> or to any extent engaged in the conduct of political activities in contravention of Chapter 15 of <br /> Title 5, United States Code, referred to as the Hatch Act. <br /> Owner shall adopt the audit requirements of the Office of Management and Budget (hereinafter <br /> "OMB") Circular A-110, "Grants and Agreements with Institutions of Higher Education, <br /> Hospitals, and Other Nonprofit Organizations," and Circular A-122, "Cost Principles for <br />