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DocuSign Envelope ID:658056BB-F456-432C-AF1 E-905B0A4F4326 <br /> occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br /> at least one year prior to the home purchase; <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat <br /> hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br /> site approval, and that such commitment of funds or approval may occur only upon satisfactory <br /> completion of an environmental review and receipt by Orange County of a Release of Funds <br /> from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br /> 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 /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br /> representations contained herein, it is agreed between the parties hereto as follows: <br /> I. USE OF HOME FUNDS/SUBSIDY TYPE <br /> A. Habitat shall perform the projects or tasks related to its allocation of HOME funds as <br /> provided in this Agreement, Exhibit A, Scope of Services, Exhibit B, Proposed Budget <br /> and Source of Funds and the Declaration of Restrictive Covenants the form of which is <br /> attached as Exhibit C. All Exhibits, attachments and addendums annexed hereto or <br /> referred to herein are hereby incorporated into and made a part of this Agreement as if set <br /> forth herein, as it now reads or as it may be modified by the Parties. <br /> B. Habitat may not request disbursement of funds under this Agreement until the funds are <br /> needed for payment of eligible costs. The amount of each request must be limited to <br /> eligible costs as determined by Orange County staff. <br /> C. Said funds shall be disbursed by check payable to Habitat. <br /> D. HOME funds will be a fixed subsidy provided in the form of a deferred loan. <br /> II. AMOUNT OF HOME FUNDS/LOAN TERMS <br /> A. The County shall make available to Habitat up to Three Hundred Fifty Thousand Four <br /> Hundred and Fifty-Five Dollars ($350,455) at an interest rate of zero percent (0%) <br /> pursuant to this Agreement. <br /> 1. The funding provided by the County will be provided as a fixed subsidy in the <br /> form of a deferred second mortgage to the individual families at the time of <br /> sale of the Property to them. The investment will be secured by a forty (40) <br /> year Deed of Trust and Promissory Note, forgivable at the end of 40 years. <br /> 2. This Deed of Trust and Promissory Note shall constitute a lien on the <br /> Properties, subordinate only to the Declaration of Restrictive Covenants <br /> described in Section VI, Affordability Requirements of this Agreement, the <br /> 2 <br />