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h <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto as follows: <br /> I. USE OF HOME FUNDS/SUBSIDY TYPE <br /> 1. The Owner shall perform the projects or tasks related to its allocation of HOME funds as <br /> provided in Exhibit B and within the proposed budget outlined in Exhibit C. Exhibits B and C <br /> are hereby made a part of this Agreement and are incorporated by reference, as it now reads or as <br /> it may be modified by the parties. <br /> 2. The Owner may not request disbursement of funds under this Agreement until the funds <br /> are needed for payment of eligible costs. The amount of each request must be limited to eligible <br /> costs as determined by Orange County staff. <br /> 3. Said funds shall be disbursed by check payable to the Owner. <br /> 4. HOME funds will be a fixed subsidy provided in the form of a deferred loan. <br /> II. AMOUNT OF HOME FUNDS/GRANT TERMS <br /> The County shall make available to the Owner up to One Hundred Ten Thousand One <br /> Hundred Thirty-One Dollars ($110,131) at an interest rate of zero percent(0%)pursuant to <br /> this Agreement. The funding provided by the County will be provided as a fixed subsidy in the <br /> form of a deferred loan. The investment will be secured by a forty (40) year Deed of Trust and <br /> Promissory Note, forgivable at the end of 40 years. This Deed of Trust, recorded in the Orange <br /> County Registry, and Promissory Note shall constitute a lien on the Property, <br /> Said funds shall be disbursed by the County to the Owner for performance of the services <br /> described 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 and <br /> (iv) Declaration of Restrictive Covenants (collectively referred to as "Orange County Loan <br /> Documents"), for EmPOWERment, Inc. shall not be subordinate to any other documents. The <br /> Declaration of Restrictive Covenants (EXHIBIT D) described in Paragraph VI. of this <br /> Agreement should be recorded prior to the Deed of Trust. <br /> IV. TIMELINESS <br /> Owner shall complete the Project within six (6) months from the date of this Agreement. <br /> However, in the event of any alterations or additions or circumstances beyond the control of the <br /> Owner, which in the opinion of the Director of the County's Department of Housing, Human <br /> Relations and Community Development will require additional time for completion of the <br />