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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 <br />III. LIEN POSITION <br />Orange County hereby acknowledges that the terms and conditions of its (i) Development <br />Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement and (iv) <br />Declaration of Restrictive Covenants (collectively referred to as "Orange County Loan <br />Documents "), for Empowerment, Inc. shall not be subordinate to any other documents. The <br />Declaration of Restrictive Covenants (EXHIBIT D) described in Paragraph VI of this Agreement <br />should be recorded prior to the Deed of Trust. <br />IV. TIME FOR COMMENCEMENT AND COMPLETION <br />The Owner shall complete this Project within six (6) months from the date of this <br />Agreement. However, in the event of any alterations or additions or of circumstances beyond the <br />control of the Owner, which in the opinion of the Director of the County's Department of <br />Housing, Human Rights and Community Development will require additional time for <br />completion of the Project, then in that case, the time of completion shall be extended by the <br />County Manager in writing for a period of time not to exceed six (6) months. Any further <br />extensions will require the approval of the Orange County Board of County Commissioners. <br />V. DURATION OF THE AGREEMENT <br />This Agreement will remain in effect during the "Period of Affordability ", the term of which is <br />ninety- nine (99) years from acquisition of the Property and proper recording the Orange County <br />Loan Documents in the Orange County Registry. The ninety -nine (99) year Period of <br />Affordability requirement will be secured by a Deed of Trust, Promissory Note, and Declaration <br />of Restrictive Covenants that will incorporate a right of first refusal that may be exercised by the <br />County. <br />VI. AFFORDABILITY REQUIREMENTS <br />A. Owner agrees to lease the Project dwelling units to low income families earning at 116 <br />Cole up to 50% of HUD area median income and at 606 Bynum Street up to 60% of <br />HUD area median income throughout the term of the 99 year period of affordability. <br />Area Median Income by family size is determined by the U.S. Department of Housing <br />and Urban Development and amended from time to time. Residential leases will not <br />exceed one year in term. <br />B. The Project dwelling units must remain affordable during the "Period of Affordability," <br />starting from the date of recording of the Declaration and continuing for a period of <br />ninety -nine years thereafter. The Owner retains full responsibility for compliance with <br />the Affordability Requirements for the Project dwelling units, unless affordability <br />restrictions are terminated due to the sale of the Property to a non - qualified buyer in <br />which event the Resale Provisions of this Agreement pertain. The Owner shall assure <br />compliance with affordability of the Project dwelling units as provided in the <br />Declarations on the Property recorded at Book , Page (Cole Street <br />Property) and Book , Page Bynum Street Property), both in the Orange <br />3 <br />