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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />until funds are needed for payment of eligible costs in accordance with Exhibit B. <br />1. County shall make payments when requested by Habitat in order to facilitate the <br />development of the project infrastructure. The amount of the request must be limited <br />to eligible costs as determined by the Orange County Staff. Copies of documentation <br />for actual expenses shall accompany payment requests. <br />2. Said funds shall be disbursed by check payable to the Owner. <br />III. LIEN POSITION <br />A. Habitat acknowledges that the terms and conditions of the County's (i) Affordable <br />Housing Bond Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and <br />Security Agreement and (iv) Declaration of Restrictive Covenants (collectively referred <br />to as "Orange County Loan Documents ") shall upon closing not be subordinate to any <br />existing loan. The Declaration of Restrictive Covenants ( "Exhibit D ") described in <br />Paragraph VI of this Agreement should be recorded prior to the Deed of Trust. <br />B. County agrees to subordinate its Deed of Trust lien to a lien securing private permanent <br />financing acquired by the homebuyer. <br />IV. TIME FOR COMMENCEMENT AND COMPLETION <br />A. The Owner shall complete the infrastructure on the Project within twelve (12) months <br />from the date of this Agreement, and the complete all construction of the homes by <br />December 31, 2020. <br />B. The Project completion date is the closing date of the purchase by a qualified buyer of the <br />last of the 24 units to be constructed. <br />C. In the event that Habitat is unable to proceed with any aspect of the Project in a timely <br />manner, and County and Habitat determine that reasonable extension(s) for completion <br />will not remedy the situation, then the Termination of Agreement provisions of this <br />Agreement (Section VIII.B.1.) shall pertain. <br />D. 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 <br />the County Manager in writing for a period of time not to exceed six (6) months. Any <br />further extensions will require the approval of the Orange County Board of County <br />Commissioners. <br />E. Upon completion, or upon demand of the County, of the Project and expenditure of the <br />Bond funds, Habitat agrees to furnish to County a copy of its annual audit, performed by <br />a certified public accountant within 90 days of the end of the fiscal year. <br />4 <br />