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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <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 last of the following events: the <br />Property is acquired, rehabilitated, if necessary, and the last of the nine dwelling units is <br />occupied by a low- income family), for owner - occupied housing to families earning up to <br />80% of HUD area median income. In the event Owner sells, transfers or exchanges the <br />Property or any portion of the Property, the following shall pertain: <br />1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B <br />hereto) and this Declaration, Owner may sell, transfer, or exchange the Property to a <br />non - profit fund, foundation, or corporation of like purpose which is organized and <br />operated exclusively for charitable and educational purposes and which has <br />established its tax exempt status under Section 501 (c)(3) of the Internal Revenue <br />Code, or to Orange County; provided, however, Owner shall obtain the written <br />agreement, in form satisfactory to Orange County, of any buyer or successor or other <br />person acquiring the Property or any interest therein, that such acquisition is subject <br />to the requirements of this Declaration and to the requirements of the <br />DEVELOPMENT AGREEMENT. Owner agrees that County may void any sale, <br />transfer, or exchange of the Property or any portion of this Property if the buyer or <br />successor or other person fails to assume in writing the requirements of this <br />Declaration and the requirements of the DEVELOPMENT AGREEMENT. <br />2. Any assignment, sale, transfer, conveyance or other disposition of the Property or any <br />part of the Property other than as described in subparagraph 1 above, whether <br />voluntary or involuntary or by operation of law shall be subject to the provisions of <br />SECTION 4 of this Declaration. <br />B. Owner will, at the time of execution, delivery and recording of this Declaration, have good <br />and marketable title to the Property, free and clear of any lien or encumbrance (except <br />encumbrances created pursuant to this Declaration or other permitted encumbrances). <br />C. Owner warrants that it has not and will not execute any other declaration with provisions <br />contradictory to, or in opposition to, the provisions hereof, and that in any event, the <br />requirements of this Declaration are paramount and controlling as to the rights and <br />obligations herein set forth and supersede any other requirements in conflict herewith. <br />SECTION 2 TERM OF DECLARATION <br />19 <br />