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DocuSign Envelope ID:658056BB-F456-432C-AF1 E-905B0A4F4326 <br /> form of which is provided in Exhibit C and any lien as provided in subsection <br /> 3 below. <br /> 3. At the time of closing of the sale of each of the dwelling units to a homebuyer, <br /> the homebuyer shall receive no more than Thirty Thousand dollars ($30,000) <br /> in HOME funds as second mortgage assistance which shall be documented by <br /> a Promissory Note from the homebuyer to the County, which shall be secured <br /> by a Deed of Trust on the Properties naming the County as beneficiary. The <br /> County agrees to subordinate its Deed of Trust lien to a lien securing private <br /> permanent financing acquired by the homebuyer. <br /> B. Said funds shall be disbursed by the County to Habitat for performance of the services <br /> described in Exhibit A. <br /> III. LIEN POSITION <br /> Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br /> Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement and <br /> (iv) Declaration of Restrictive Covenants (collectively referred to as "Orange County Loan <br /> Documents"), shall not expressly subordinated to any other documents except those documents <br /> scribed in §§ II.A.2. and II.A.3 above. <br /> IV. TIMELINESS <br /> Habitat shall complete the Project by December 31, 2018 and sell all homes by June 30, <br /> 2019. However, in the event of any alterations or additions or of circumstances beyond the <br /> control of Habitat, which in the opinion of the Director of the County's Department of Housing, <br /> Human Relations and Community Development will require additional time for completion of <br /> the Project, then in that case, the time of completion shall be extended by the County Manager in <br /> writing for a period of time not to exceed six (6) months. Any further extensions will require the <br /> approval of the Orange County Board of County Commissioners. <br /> V. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for the Period of Affordability established below. <br /> VI. AFFORDABILITY REQUIREMENTS <br /> A. Habitat agrees to build and sell the Project dwelling units to sixteen (16) low income <br /> families earning between 35% and 65% of the area median income as determined <br /> during the initial eligibility period. Families may not earn more than 80% of the area <br /> median income at the time of sale of the property. Area Median Income by family <br /> size is determined by the U.S. Department of Housing and Urban Development and <br /> amended from time to time. <br /> 3 <br />