2018-169-E Housing - Habitat for Humanity written agreements

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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE of time, preemptive rights in the Property and by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. Any future owner, Owner and Orange County agree to do what each must do to accomplish the 99 -year duration of this Declaration of Restrictive Covenants. F. Resale Provisions. The Declaration of Restrictive Covenants shall include at least the following elements in their resale provisions for the Improvements: 1. If the buyer no longer uses the Property as a principal residence or is unable to continue ownership, then the buyer must sell, transfer, or otherwise dispose of their interest in the Property only to a qualified homebuyer, i.e., a low- income household, one whose combined income does not exceed 80% of the area median household income by family size, as determined by the U.S. Department of Housing and Urban Development at the time of the transfer, to use as their principal residence. 2. If the Property is sold, transferred, or otherwise disposed of during the Period of Affordability to a non - qualified homebuyer or to other than an agency with similar interest in affordable housing, the Right of First Refusal provision of the then current County's Long -Term Housing Affordability Policy must be followed and the net sales proceeds (sales price less: 1) selling cost, 2) the unpaid principal amount of the original first mortgage and 3) the unpaid principal amount of the initial County contribution and any other initial government contribution secured by a deferred payment promissory note and deed of trust) or "equity" will be divided 50150 by the seller of the Property and the County. If the initial County contribution does not have to be repaid because the sale occurs more than forty years after the County contribution is made, then the seller of the Property and the County will divide the entire equity realized from the sale. 3. The resale provision shall remain in effect for the full affordability period — 99 years. 4. Any proceeds from the recapture of funds under this provision will be used to facilitate the acquisition, construction, and rehabilitation of housing for the purposes of promoting affordable housing. VII. OWNER PERFORMANCE UNDER THIS AGREEMENT A. Owner agrees and authorizes the County to conduct on -site reviews, examine client and contractor records, client applications and to conduct any other procedures or practices to assure compliance with these provisions. B. Owner agrees to not violate any State or Federal laws, rules or regulations regarding a direct or indirect illegal interest on the part of any employee or elected official of the Owner in the Project or payments made pursuant to this Agreement. 6