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RS8373 201 12117 <br />Time Homebuyer Program portion of the County's Long -Term Housing <br />Affordability Policy must be followed and the net sales proceeds (sales price less: <br />(1) selling cost, (2) the unpaid principal amount of the original first mortgage and <br />(3) the unpaid principal amount of the initial County contribution and any other <br />initial government contribution secured by a deferred payment promissory note <br />and deed of trust) or "equity" will be divided 50/50 by the seller of the Property <br />and the County. <br />4.3 The resale provision shall remain in effect for the full affordability period — 99 <br />years. <br />5. Miscellaneous Provisions. <br />a. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all properties constructed with funds provide <br />affordable units to low- income families. It is the County's intention that the full public benefit of <br />this project shall be completed under the auspices of EmPOWERment for the assisted units as <br />follows: <br />i, In the event that EmPOWERment is unable to proceed with any aspect of the Project <br />in a timely manner, and County and EmPOWERment determine that reasonable <br />extension(s) for completion will not remedy the situation, then EnTOWERment will <br />retain responsibility for requirements for any dwelling units assisted and County will <br />make no further payments to EmPOWERment. <br />ii. In the event that EmPOWERment, prior to the contract completion date, is unable to <br />continue to function due to, but, not limited to, dissolution or insolvency of the <br />organization, its filing a petition for bankruptcy or similar proceedings, or is adjudged <br />bankrupt or fails to comply or perform with provisions of this agreement, then <br />EmPOWERment shall, upon the County's request, convey to the County the <br />properties assisted with funds, Conveyance shall beat the sole discretion of County <br />and on a dwelling unit by dwelling unit basis. <br />Conveyance of properties shall be bn the terms set forth herein: <br />Conveyance of properties shall occur within thirty (30) days of County and <br />EmPOWERment's agreement of EmPOWERment's inability to continue as a viable <br />organization. EmPOWERment shall convey the subject properties to County by <br />general warranty deed, free and clear of all liens and encumbrances of record except <br />those whicb create a beneficial interest in County (Declaration of Restrictive <br />Covenants and Deed of Trust). <br />b. Default, Remedies. 'This Agreement may be terminated by a non - defaulting <br />party upon an event of default hereunder, after written notice thereof and thirty (30) days grace <br />period in which the defaulting party may act to cure. As used herein, the term "an event of <br />default" shall mean and refer to a failure or act of omission by either party with respect to any <br />