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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i with similar interest in affordable housing and to serve families with incomes not exceeding 80%of the area median household income by family size, as determined by the U.S. Department of Housing and Urban Development at the time of the transfer.. The non-profit fund, foundation, or corporation of like purposes must have established its tax- exempt status under Section 501 (c)(3) of the Internal Revenue Code. b However, if the property is not sold, transferred, or otherwise disposed of to an agency with similar interest in affordable housing during the term of affordability,the net sales proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of the original first mortgage and (3) the unpaid principal amount of the initial Orange County contribution and any other initial government contribution secured by a deferred payment promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of'the Property and Orange County c The resale provisions shall remain in effect for the full affordability period — 99 years.. C. Owner covenants that it will not knowingly take or permit any action that would result in a violation of the affordability requirements of Orange County or of the Orange County Housing Bond Program Orange County,together with Owner,may execute and record any amendment or modification of this Declaration and such amendment or modification shall be binding on third parties granted rights under-this Declaration,. D, Owner acknowledges that the primary purpose for requiring compliance by Owner with restrictions provided in this Declaration is to assure compliance with the affordability requirements of Orange County and the Orange County Housing Bond Program, AND BY REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING ORANGE COUNTY HOUSING BOND PROGRAM FUNDS FOR THE PROPERTY HEREBY AGREES AND CONSENTS THAI ORANGE COUNTY SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE BY SPECIFIC PERFORMANCE OWNER'S OBLIGATIONS UNDER THIS DECLARATION IN A STATE COURT OF COMPEIEN'T JURISDICTION,WITH VENUE IN ORANGE COUNTY Owner,hereby further specifically acknowledges that the beneficiaries of Owner's obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder,. E, This Declaration may be enforced by Orange County or its designee in the event Owner fails to satisfy any of the requirements of this Declaration by proceedings at law or in equity against any person or persons violating or attempting to violate any covenant If legal costs are incurred by Orange County, such legal costs, including attorney fees and court costs (including costs of appeal), are the responsibility of;and may be recovered from the Owner SECTION 6 MISCELLANEOUS a. Sever•abilit. The invalidity of any clause,part, or provision of this Declaration shall not affect the validity of the remaining portions thereof Declaiation of'Restcictive Covenants Page 5