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2014 which is hereby incorporated into and made part of this Agreement and hereinafter referred <br /> to as "the Project"; and <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and the <br /> Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of <br /> funds or site approval, and that such commitment of funds or approval may occur only upon <br /> satisfactory completion of an environmental review and receipt by Orange County of a Release <br /> of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 <br /> if applicable. The parties further agree that the provision of such funds to the project is <br /> conditioned on Orange County's determination to proceed with, modify, or cancel the project <br /> based on the results of a subsequent environmental review. <br /> WHEREAS, Orange County requires and Owner agrees to the requirement, as a <br /> condition precedent to the awarding of Orange County HOME Investment Partnership Program <br /> funds, that Owner execute, deliver and record this Declaration in the Office of the Register of <br /> Deeds of Orange County in order to create certain covenants pertaining to the Property and <br /> running with the land for the purpose of enforcement of the affordability requirements of the <br /> Orange County HOME Investment Partnership Program. <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set <br /> forth and of other valuable consideration, the receipt and sufficiency of which is hereby <br /> acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive <br /> covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and <br /> are covenants pertaining to the Property and running with the land for the term stated herein and <br /> are binding upon all subsequent owners of the Property and for such term, except as specifically <br /> provided herein, and are not merely personal covenants of Owner. <br /> SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <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 /> (99) years after Project Completion (defined as the last of the following events: the <br /> Property is acquired, rehabilitated, if necessary, and the last of the nine dwelling units is <br /> occupied by a low-income family), for owner-occupied housing to families earning up to <br /> 60% of HUD area median income. In the event Owner sells, transfers or exchanges the <br /> Property or any portion of the Property, the following shall pertain: <br /> 1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B <br /> hereto), the HOME Investment Partnership 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 /> �L <br />