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J <br /> BODK��SU PA014 <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set <br /> forth and of other valuable consideration, the receipt and sufficiency of which is hereby <br /> acknowledged, Owner intends, declares, and covenants that the. regulatory and restrictive <br /> covenants set forth herein governing the use, occupancy, and transfer of the Property shall be <br /> and are covenants 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, for owner-occupied housing to families earning up to <br /> 50%of HUD area median income. In the event Owner sells,transfers or exchanges the <br /> Property or any portion of the Property,the following shall pertain: <br /> 1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B <br /> hereto), the Federal HOME Investment Partnership Program and this Declaration, <br /> Owner may sell, transfer,or exchange the Property to a non-profit fund,foundation, <br /> or corporation of like purpose which is organized and operated exclusively for <br /> charitable and educational purposes and which has established its tax exempt status <br /> under Section 501 (c)(3) of the Internal Revenue Code, or to Orange County; <br /> provided,however,Owner shall obtain the written agreement,in form satisfactory to <br /> Orange County.,of any buyer or successor or other person acquiring the Property or <br /> any interest therein, that such acquisition is subject to the requirements of this <br /> Declaration and to the requirements of the DEVELOPMENT AGREEMENT and the <br /> Federal HOME Investment Partnership Program. Owner agrees that County may <br /> void any sale,transfer,or exchange of the Property or any portion of this Property if <br /> the buyer or successor or other person fails to assume in writing the requirements of <br /> this Declaration and the requirements of the DEVELOPMENT AGREEMENT and <br /> the Federal HOME Investment Partnership Program. <br /> 2. Any assignment, sale, transfer, conveyance or other disposition of the Property or <br /> any part of the Property other than as described in subparagraph 1 above, whether <br /> voluntary or involuntary or by operation of law shall be subject to the provisions of <br /> SECTION 4 of this Declaration. <br /> b. Owner will, at the time of execution, delivery and recording of this Declaration, have <br /> good and marketable title to the Property, free and clear of any lien or encumbrance (except <br /> encumbrances created pursuant to this Declaration or other permitted encumbrances). <br /> C. Owner warrants that it has not and will not execute any other declaration with provisions <br /> contradictory to, or in opposition to, the provisions hereof, and that in any event, the <br /> requirements of this Declaration are paramount and controlling as to the rights and obligations <br /> herein set forth and supersede any other requirements in conflict herewith. <br /> Declaration of Restrictive Covenants <br /> Page 2 <br />