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<br /> WHEREAS, OPC Foundation intends to make the Project dwelling units available for-
<br /> lease to families earning up to 50%of'HUD area median income;
<br /> NOW,THEREFORE, in consideration of the promises and covenants hereinafter set forth and
<br /> of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
<br /> Owner- intends, declares, and covenants that the regulatory and restrictive covenants set forth
<br /> herein governing the use, occupancy, and transfer of the Property shall be and are covenants
<br /> pertaining to the Property and running with the land for the term stated herein
<br /> and are binding upon all subsequent owners of the Property and for such term, except as
<br /> specifically provided herein,and are not merely personal covenants of Owner•,.
<br /> SECTION 1 REPRESENTATIONS,COVENANTS AND WARRANTIES OF OWNER
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<br /> Owner hereby represents, covenants and warrants as follows:
<br /> a, It is contemplated that the Property and the Project will be used, during the ninety-nine
<br /> years after-Proj ect Completion(defined as the last of'the following events:the Property is
<br /> acquired, rehabilitated, if' necessary, and the last of the eight Project dwelling units j
<br /> occupied by a low-income family), for rental housing to families earning up to 50% of
<br /> HUD area median income. In the event Owner sells, transfers or exchanges the Property
<br /> or-any portion of the Property,the following shall pertain:
<br /> 1.. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B j
<br /> hereto), the Orange County Housing Bond Program and this Declaration, Owner may
<br /> sell, transfer-, or exchange the Property to a non-profit fund, foundation, or-
<br /> corporation of like purpose which is organized and operated exclusively for charitable
<br /> and educational purposes and which has established its tax exempt status under,
<br /> Section 501 (c)(3) of the Internal Revenue Code, or- to Orange County; provided,
<br /> however-, Owner shall obtain the written agreement, in form satisfactory to Orange
<br /> County, of any buyer- or successor or other person acquiring the Property or any
<br /> interest therein,that such acquisition is subject to the requirements of this Declaration
<br /> and to the requirements of the DEVELOPMENT AGREEMENT and the Orange
<br /> County Housing Bond Program. Owner agrees that Orange County may void any
<br /> sale, transfer, or exchange of'the Property or any portion of'this Property if the buyer
<br /> or successor or, other, person fails to assume in writing the requirements of this
<br /> Declaration and the requirements of the DEVELOPMENT AGREEMENT and the
<br /> Orange County Housing Bond 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 Owner 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 (except
<br /> encumbrances created pursuant to this Declaration or-other permitted encumbrances).
<br /> Declaiation of'Restrictive Covenants
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