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i <br /> I <br /> BOOR2186 Pkct 217 <br /> b. However,if the property is sold during the term of affordability to a non-qualified <br /> homebuyer, the Right of First Refusal provision of the New and Existing First Time <br /> Homebuyer Program portion of the County's Long-Term Housing Affordability Policy <br /> must be followed and the net sales proceeds (sales price less: (1) selling cost, (2) the <br /> unpaid principal amount of the original first mortgage and (3) the unpaid principal <br /> amount of the initial County contribution and any other initial government contribution <br /> secured by a deferred payment promissory note and deed of trust) or "equity" will be <br /> divided 50150 by the seller of tine Property and the County. <br /> C. The resale provisions shall remain in effect for the full affordability period—99 <br /> years, <br /> C. Owner covenants that it will not knowingly take or permit any action that would result in <br /> a violation of the affordability requirements of the Federal HOME Investment Partnership <br /> Program, Orange County, together with Owner, may execute and record any amendment or <br /> modification of this Declaration and such amendment or modification shall be binding.on third <br /> parties granted rights under this Declaration.. <br /> D. Owner acknowledges.that the primary purpose for requiring compliance by Owner with <br /> restrictions provided in this Declaration is to assure compliance with the affordability <br /> requirements of the Orange County Federal HOME Investment Partnership Program, AND BY <br /> REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING FEDERAL HOME <br /> INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY HEREBY <br /> AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE ENTITLED, FOR ANY <br /> BREACH OF THE PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER <br /> REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE BY SPECIFIC <br /> PERFORMANCE OWNER'S OBLIGATIONS UNDER THIS DECLARATION IN A STATE <br /> COURT OF COMPETENT JURISDICTION,WITH VENUE IN ORANGE COUNTY. Owner <br /> hereby further specifically acknowledges that the beneficiaries of Owner's obligations hereunder <br /> cannot be adequately compensated by monetary damages in the event of any default hereunder. <br /> E. This Declaration may be enforced by Orange County or its designee in the event Owner <br /> fails to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br /> against any person or persons violating or attempting to violate any covenant.If legal costs are <br /> incurred by Orange County, such legal costs, including attorney fees and court costs (including <br /> costs of appeal),are the responsibility of,and may be recovered from the Owner. <br /> SECTION 6 MISCELLANEOUS <br /> I <br /> a. Severability. The invalidity of any clause,part,or provision of this Declaration shall not <br /> affect.the validity of the remaining portions thereof, <br /> b. Notices, Any Notice shall be in writing and shall be given by depositing the same <br /> in the United States mail,post-paid and registered or certified, and addressed to the party to be <br /> notified, with return-receipt requested, or by delivering the same in person to an officer or <br /> principal of such party. Notice deposited in the mail in the manner hereinabove described shall <br /> Declaration of Restrictive Covenants <br /> Page 5 <br />