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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 <br />proceed with, modify, or cancel the project based on the results of a subsequent environmental <br />review. <br />WHEREAS, Empowerment as a condition precedent to the awarding of FY 2016 Orange <br />County Affordable Housing Bond Program funds, shall execute, deliver and record this <br />Declaration in the Office of the Register of Deeds of Orange County in order to create certain <br />covenants pertaining to the Property and running with the land for the purpose of enforcement of <br />the affordability requirements of the FY 2016 Orange County Affordable Housing Bond Fund <br />Program and agreeing to the terms of the DEVELOPMENT AGREEMENT which is attached <br />as Exhibit B hereto and made part of this Agreement between the County and Empowerment, <br />Inc. <br />NOW, THEREFORE, in consideration of the promises and covenants hereinafter set <br />forth and of other valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive <br />covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and <br />are covenants pertaining to the Property and running with the land for the term stated herein and <br />are binding upon all subsequent owners of the Property and for such term, except as specifically <br />provided herein, and are not merely personal covenants of Owner. <br />SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br />Owner hereby represents, covenants and warrants as follows: <br />A. It is contemplated that the Property and the Project will be used, during the ninety -nine <br />(99) years after Project Completion (defined as the Property acquired, rehabilitated ( if <br />necessary) and occupied by a low- income family earning up to 50% of HUD area median <br />income). <br />B. In the event Owner sells, transfers or exchanges the Property or any portion of the <br />Property, the following shall pertain: <br />1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B), <br />Owner may sell, transfer, or exchange the Property to a non -profit fund, foundation, <br />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 <br />under Section 501 (c)(3) of the Internal Revenue Code, or to Orange County; <br />provided, however, Owner shall obtain the written agreement, in form satisfactory to <br />Orange County, of any buyer or successor or other person acquiring the Property or <br />any interest therein, that such acquisition is subject to the requirements of this <br />Declaration and to the requirements of the DEVELOPMENT AGREEMENT. Owner <br />agrees that County may void any sale, transfer, or exchange of the Property or any <br />portion of this Property if the buyer or successor or other person fails to assume in <br />18 <br />