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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />seniors earn between 61% to 80% of area median income and which will remain affordable for <br />low and moderate income families as described in the Project; and <br />WHEREAS, this Agreement provides to Habitat with $925,000 Bond Funds for the <br />construction by Habitat of infrastructure necessary for the Project which funds will be secured by <br />a Promissory Note /Deferred Payment Loan of in the amount of $925,000 and a Deed of Trust on <br />the Property; and <br />WHEREAS, the Bond funds together with any future loan funds provided by the County <br />for the Project will be credited by Habitat to the homebuyers when the homebuyers purchase <br />homes and the homebuyers will in turn owe the County the amount of the credit; and <br />WHEREAS, it is the intent of Habitat and the County that the amount of each <br />homebuyer credit from Habitat and homebuyer debt to the County will be, to the extent <br />practicable, equal in amount for each of the 24 dwelling units constructed by Habitat on the <br />Property or will be allocated based on area median income of the buyer; and <br />WHEREAS, this credit for Bond funds, including the Bond funds loaned to Habitat as <br />part of this Agreement, totals $ 38,542 for each of the dwelling units in the Project ($925,000 <br />total Bond funds divided by 24 dwelling units) if allocated equally; and <br />WHEREAS, this Agreement, notwithstanding anything to the contrary contained in the <br />other agreements, provides funds for the development of the land for the construction of 24 <br />single family dwelling units for the sale of 24 single family dwelling units with a goal as follows: <br />12 dwelling units to be sold to seniors earning between 30% and 50% of the HUD area median <br />income and 8 dwelling units to be sold to seniors earning between 51% and 60% of the HUD <br />area median income, 4 dwelling units to seniors earning between 61% and 80% of HUD area <br />median income. Regardless of whether the goal is met no units subject to this agreement shall be <br />sold to any party earning in excess of 80% of area median income; and <br />WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat <br />hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br />site approval, and that such commitment of funds or approval may occur only upon satisfactory <br />completion of an environmental review. The parties further agree that the provision of such <br />funds to the project is conditioned on Orange County's determination to proceed with, modify, or <br />cancel the project based on the results of a subsequent environmental review; and <br />WHEREAS, Orange County requires and Owner agrees to the requirement, as a <br />condition precedent to the awarding of FY 2016 Orange County Affordable Housing Bond <br />Program funds, that Owner execute, deliver and record this Declaration in the Office of the <br />Register of Deeds of Orange County in order to create certain covenants pertaining to the <br />Property and running with the land for the purpose of enforcement of the affordability <br />requirements of the FY 2016 Orange County Affordable Housing Bond Fund Program. <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 />18 <br />