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median income. In the event Sublessee sells, transfers or exchanges the Property or any <br /> portion of the Property, the following shall pertain: <br /> 1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B <br /> hereto), the Orange County HOME Investment Partnership Program and this <br /> Declaration, Sublessee may sell, transfer, or exchange the Property to a non-profit <br /> fund, foundation, or corporation of like purpose which is organized and operated <br /> exclusively for charitable and educational purposes and which has established its tax <br /> exempt status under Section 501 (c)(3) of the Internal Revenue Code, or to Orange <br /> County; provided, however, Sublessee shall obtain the written agreement, in form <br /> satisfactory to Orange County, of any buyer or successor or other person acquiring the <br /> Property or any interest therein, that such acquisition is subject to the requirements of <br /> this Declaration and to the requirements of the DEVELOPMENT AGREEMENT and <br /> the Orange County HOME Investment Partnership Program. Sublessee agrees that <br /> Orange County may void any sale, transfer, or exchange of the Property or any portion <br /> of the Property if the buyer or successor or other person fails to assume in writing the <br /> requirements of this Declaration and the requirements of the DEVELOPMENT <br /> AGREEMENT and the Orange County HOME Investment Partnership Program. <br /> 2.Any assignment, sale, transfer, conveyance or other disposition of the Property or any <br /> 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. Sublessee 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 <br /> (except encumbrances created pursuant to this Declaration or other permitted <br /> encumbrances). <br /> C. Sublessee warrants that it has not and will not execute any other declaration with <br /> provisions contradictory to, or in opposition to, the provisions hereof, and that in any <br /> event, the requirements of this Declaration are paramount and controlling as to the rights <br /> and obligations herein set forth and supersede any other requirements in conflict <br /> herewith. <br /> SECTION 2 TERM OF DECLARATION <br /> a. This Declaration, and the Terms of Affordability specified herein, apply to the Property <br /> immediately upon recordation, and Sublessee shall comply with all restrictive covenants <br /> herein. This declaration shall terminate ninety-nine years or upon termination of the <br /> Lease or Sublease after Project Completion, unless Orange County HOME Investment <br /> Partnership Program affordability restrictions are terminated due to the sale of the <br /> Property to a non-qualified buyer as provided herein. <br /> 17 <br />