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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 <br />not exceeding 50% of the area median household income by family size, as <br />determined by the U.S. Department of Housing and Urban Development at the time <br />of the transfer. The non - profit fund, foundation, or corporation of like purposes must <br />have established its tax - exempt status under Section 501 (c)(3) of the Internal <br />Revenue Code. <br />2. However, if the property is not sold, transferred, or otherwise disposed of to an <br />agency with similar interest in affordable housing during the term of affordability, the <br />net sales proceeds (sales price less: (1) selling cost, and (2) the unpaid principal <br />amount of the initial Orange County contribution and any other initial government <br />contribution secured by a deferred payment promissory note and deed of trust) or <br />"equity" will be divided 50150 by the seller of the Property and Orange County. If <br />the initial County contribution does not have to be repaid because the sale occurs <br />more than forty years after the County contribution is made, then the seller of the <br />Property and the County will divide the entire equity realized from the sale. <br />3. In the event that Net Sales Proceeds are insufficient to repay the County Bond Funds, <br />including principal plus interest, the amount to be recaptured shall be any funds <br />remaining after payment of all liens senior to the County's lien and closing costs. In <br />no event shall the borrower be required to use funds other than net proceeds to repay <br />the Bond Funds. <br />4. The resale provisions shall remain in effect for the full affordability period — 99 years. <br />C. Owner covenants that it will not knowingly take or permit any action that would result in <br />a violation of the Orange County Long Term Affordability Policy requirements. Orange <br />County, together with Owner, may execute and record any amendment or modification of <br />this Declaration and such amendment or modification shall be binding on third parties <br />granted rights under this Declaration. <br />D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br />restrictions provided in this Declaration is to assure compliance with the affordability <br />requirements of Orange County, AND BY REASON THEREOF, OWNER IN <br />CONSIDERATION FOR RECEIVING AFFORDABLE HOUSING BOND PROGRAM <br />FUNDS FOR THE PROPERTY HEREBY AGREES AND CONSENTS THAT ORANGE <br />COUNTY SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, <br />AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN <br />EQUITY, TO ENFORCE BY SPECIFIC PERFORMANCE OWNER'S OBLIGATIONS <br />UNDER THIS DECLARATION IN A STATE COURT OF COMPETENT <br />22 <br />