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Said funds shall be disbursed by the County to Habitat for performance of the services described <br /> in Exhibit B. <br /> III. LIEN POSITION <br /> Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br /> Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement <br /> (collectively referred to as "Orange County Loan Documents"), for Phoenix Place shall be and <br /> are expressly subordinated to Declaration of Restrictive Covenants recorded at Book 3936, Page <br /> 434, Orange County Registry, at Book 3936, Page 465, Orange County Registry and at Book <br /> 3710, Page 314, Orange County Registry. <br /> Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br /> Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement and <br /> (iv) Declaration of Restrictive Covenants (collectively referred to as "Orange County Loan <br /> Documents"), for the Northern Fairview and Tinnen Wood properties are not expressly <br /> subordinated to any other documents. <br /> IV. TIMELINESS <br /> Habitat shall complete the Project by December 31, 2015. However, in the event of any <br /> alterations or additions or of circumstances beyond the control of Habitat, which in the opinion <br /> of the Director of the County's Department of Housing, Human Relations and Community <br /> Development will require additional time for completion of the Project, then in that case, the <br /> time of completion shall be extended by the County Manager in writing for a period of time not <br /> to exceed six (6) months. Any further extensions will require the approval of the Orange County <br /> 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 /> Habitat agrees to build and sell the Project dwelling units to fifteen (15) low income <br /> families earning less than 65% of the area median income. Area Median Income by family size <br /> is determined by the U.S. Department of Housing and Urban Development and amended from <br /> time to time. <br /> The Declaration shall provide that Each of the Project dwelling units must remain <br /> affordable for a period of ninety-nine years; Habitat retains full responsibility for compliance <br /> with the affordability requirement for each of the Project dwelling units, unless affordability <br /> restrictions are terminated due to the sale of the Property to a non-qualified buyer in which event <br /> the Resale Provisions of this Agreement pertain; Habitat shall assure compliance with <br /> affordability of each of the Project dwelling units as provided in the Declaration of Restrictive <br /> 3 <br />