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r uJ 3 <br /> 3. agrees to sell the homes to qualified buyers whose incomes do <br /> not exceed 80% of the area median income by family size, as determined by the <br /> U.S. Department of Housing and Urban Development and amended from time to <br /> time. At the closing of the sale to a homebuyer of each lot, shall <br /> repay the County, $ in the form of a credit to the homebuyer. The credit <br /> to the homebuyer shall be documented by a promissory note from the homebuyer to <br /> the County which note shall be secured by a deed of trust on the property naming <br /> the County as beneficiary. The County agrees to subordinate its mortgage interest <br /> on each lot to a first lien private mortgage acquired by the buyer. The period of <br /> affordability for HOME funds in accordance with the Acts, its regulations and State <br /> Program Requirements shall be 15 years from the date of execution of this <br /> Agreement. The default interest rate shall be 7% per annum. <br /> shall provide to Orange County prior to closing the sale of each home <br /> documentation, satisfactory to the County, verifying the income of each buyer. <br /> 4. Miscellaneous Provisions. <br /> a. Termination of Agreement. The obligations of the parties hereunder and <br /> the specific obligation of to accept conveyance of the Property and <br /> construct homes thereon shall terminate upon the completion of the sale of the home(s) <br /> Continuing obligations of the buyers shall be contained in the note and deed of trust to be <br /> recorded at the time of closing of the sale of each home. Notwithstanding the foregoing, <br /> the parties hereto may terminate this Agreement at any time by a mutual agreement to that <br /> effect in writing. <br /> b. Default, Remedies. This Agreement may be terminated by a non- <br /> defaulting party upon an. event of default hereunder, after written notice thereof and <br /> thirty (30) days grace period in which the defaulting party may act to cure. As used <br /> herein, the term "an event of default" shall mean and refer to a failure or act of omission <br /> by either party with respect to any undertaking, obligation, covenant or condition as set <br /> forth in this Agreement. With respect to any event of default, the non-defaulting party <br /> may exercise any right available to it at law or in equity with respect to such default. <br /> C. Books and Records. Each party shall keep and maintain books, records <br /> and other documents relating directly to the receipt and disbursement of grant funds <br /> and the fulfillment of this Agreement. Each party agrees that any authorized <br /> representative of the County, the State, the U.S. Department of Housing and Urban <br /> Development and Comptroller General of the United States shall, at all reasonable <br /> times, have access to and the right to inspect, copy, audit and examine all of the books, <br /> records and other documents relating to the grant and the fulfillment of this Agreement <br /> for a period of three (3) years following the completion of the Project. <br /> d. Conflict with HOME Agreement. Notwithstanding anything herein to the <br /> contrary, the parties hereto acknowledge the due execution of a HOME Program <br />