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4 <br /> 1300K PAGE <br /> 2916 532 <br /> for the purpose of enforcement of the affordability requirements of the Orange County Housing <br /> Trust Fund Program <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth <br /> and of other valuable consideration, the receipt and sufficiency of which is her eby acknowledged, <br /> OCHLT 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 and are binding <br /> upon all subsequent owners of the Property and for such term, except as specifically provided <br /> herein, and are not merely personal covenants of OCTILT <br /> SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> OCHLT hereby represents, covenants and warrants as follows: <br /> a Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B hereto) <br /> and this Declaration, OCHLT may sell, transfer, or exchange the Property to a non-profit fund, <br /> foundation, or corporation of like purpose which is organized and operated exclusively for <br /> charitable and educational purposes and which has established its tax exempt status under <br /> Section 501(0(3) of the Internal Revenue Code, or to Orange County, but OCHLT shall notify <br /> in writing and obtain the agreement of any buyer or successor or other person acquiring the <br /> Property or any interest therein, that such acquisition is subject to the requirements of this <br /> Declaration and to the requirements of the DEVELOPMENT AGREEMENT. OCHLT agrees <br /> that County may void any sale, transfer, or exchange of the Property or any portion of the <br /> Property if the buyer or successor or other person fails to assume in writing the requirements of <br /> this Declaration and the requirements of the DEVELOPMENT AGREEMENT <br /> b. OCTILT will, at the time of execution, delivery and recording of this Declaration, have <br /> good and marketable title to the Property, flee and clear of any lien or encumbrance (except <br /> encumbrances created pursuant to this Declaration or other encumbrances permitted by Orange <br /> County) <br /> c. OCHLT warrants that it has not and will not execute any other declaration with <br /> provisions contradictory to, or in opposition to, the provisions hereof, and that in any event, the <br /> requirements of this Declaration are paramount and controlling as to the rights and obligations <br /> herein set forth and supersede any other requirements in conflict herewith <br /> SECTION 2 TERM OF DECLARATION <br /> a.. This Declaration, and the terms of affordability specified herein, apply to the Property <br /> immediately upon the recordation of this Declaration OCHLT shall comply with all covenants herein <br /> This Declaration shall terminate ninety-nine years after the Project completion date The Project <br /> Declaration of Restrictive Covenants <br /> Page 2 <br />