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DocuSign Envelope ID:658056BB-F456-432C-AF1 E-905B0A4F4326 <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 /> interest therein, that such acquisition is subject to the requirements of this Declaration <br /> and to the requirements of the DEVELOPMENT AGREEMENT and the HOME <br /> INVESTEMENT PARTNERSHIP PROGRAM. Owner agrees that County may void <br /> any sale, transfer, or exchange of the Property or any portion of this Property if the <br /> buyer 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 /> HOME INVESTMENT PARTNERSHIP 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 good <br /> 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 /> C. Owner warrants that it has not and will not execute any other declaration with provisions <br /> 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 <br /> obligations herein set forth and supersede any other requirements in conflict herewith. <br /> SECTION 2 TERM OF DECLARATION <br /> This Declaration and the Terms of Affordability, specified herein, apply to the Property <br /> immediately upon recordation and Owner shall comply with all restrictive covenants herein. <br /> This declaration shall terminate ninety-nine (99) years after Project Completion, unless Orange <br /> HOME Investment Partnership Program affordability restrictions are terminated due to the sale <br /> of the Property to a non-qualified buyer as provided herein and Orange County agrees to the <br /> termination of the Declaration. <br /> SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br /> THE LAND <br /> A. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br /> amendments hereto to be recorded and filed in the Office of the Register of Deeds of <br /> 16 <br />