2014-555 Housing - EmPOWERment, Inc. for HOME Investment Partnership Program - Development Agreement $110,131

Browse Search

units are located on the property more particularly described in EXHIBIT A attached hereto and made a part of this Agreement(hereinafter referred to as "the Property"); and WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of acquiring the Property as described in its HOME Program application dated February 28, 2013 which is hereby incorporated into and made part of this Agreement; and WHEREAS, notwithstanding any provision of this Agreement, the County and the Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is conditioned on Orange County's determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. WHEREAS, EmPOWERment, Inc. has signed this Declaration agreeing to the terms of this Declaration, its obligations pursuant to this Declaration and agreeing to the terms of the DEVELOPMENT AGREEMENT which is attached as Exhibit B hereto and made part of this Agreement between the County and EmPOWERment, Inc.; NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth and of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and are covenants pertaining to the Property and running with the land for the term stated herein and are binding upon all subsequent owners of the Property and for such term, except as specifically provided herein, and are not merely personal covenants of Owner. SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER Owner hereby represents, covenants and warrants as follows: a. It is contemplated that the Property and the Project will be used, during the ninety-nine years after Project Completion (defined as the last of the following events: the Property is acquired, rehabilitated, if necessary, and the Project dwelling unit occupied by a low- income family), for rental housing to families earning up to 50% of HUD area median income. In the event Owner sells, transfers or exchanges the Property or any portion of the Property,the following shall pertain: 1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B hereto), the Orange County HOME Investment Partnership Program and this Declaration, Owner may sell, transfer, or exchange the Property to a non-profit fund, foundation, or corporation of like purpose which is organized and operated Declaration of Restrictive Covenants Page 2