Assignment, Assumption and Consent to Transfer Real Property between CASA, a non-profit corporation, and Chrysalis for Mental Health Foundation, Inc.

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Any tenants residing in the Project dwelling units at the time of acquisition of the Project dwelling units that are displaced due to the repair work must be notified in writing of the need for temporary relocation and must be adequately housed in the community. OPC Foundation must submit within 90 days of the date of this Agreement a detailed written report of'the relocation plan for-all tenants., All relocation activities will be fully funded by the OPC Foundation, OPC Foundation agrees to lease the Project dwelling units to families whose income does not exceed 50% of the area median income by family size, as determined by the U.S. Department of Housing and Urban Development and as amended from time to time Monthly rents must not exceed the HUD Published Fail-Market Rents in effect at the time of occupancy Residential leases will not exceed one year in term„ b Financial assistance in the amount of $300,000 in Orange County Housing Bond Funding will be provided in the form of"a deferred loan with a ninety-nine(99)year-loan term A Deed of Trust and Promissory Note will secure the loan funds. This Deed of Trust and Promissory Note shall constitute a lien on the Property subordinate only to the Declaration of'Restrictive Covenants described in Section 2 of this Agreement. The Project dwelling units must remain affbr•dable for-a period of 99 years. This 99 year affordability r-equiiement will be secured by a Deed of Trust, Promissory Note, and Declaration of'Restrictive Covenants that will incorporate a right of first refusal that may be exercised by the County., a, The Property shall be acquired and the Project dwelling units rehabilitated and occupied by September 30, 2004 In the event that OPC Foundation is unable to complete its obligations to acquire, rehabilitate, and occupy the Project dwelling units within this time or by extensions approved by the County under the terms of this Agreement, OPC Foundation will be required to repay the full amount of'the County's outstanding loan as provided in the loan documents i d, Each Project dwelling unit must have a value that does not exceed 100% of its appraised value An independent,qualified appraiser must conduct the appraisal. e An annual rental operations budget must be submitted to the County each year at least sixty days prior to the July 1 beginning date fbr the fiscal year f. OPC Foundation is responsible for verifying the income of prospective tenants and maintaining eligibility data OPC Foundation shall maintain tenant files as part of its Books and Records as required and fbx•the period of time required by Section 4c.. of this Agreement OPC Foundation must provide the County an initial occupancy report verifying the income eligibility of all tenants at the time of initial lease-up.. OPC Foundation must furnish the County with an annual report on the Project dwelling units by ,July 31 0#'each yeas thereafter certifying that all tenants earn less than 50% of the 2