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RB604 ►R86504 <br />460 1/B <br />of Deeds of Orange County in order to create certain covenants pertaining to the Property and <br />running with the land for the purpose of enforcement of the affordability requirements and <br />agreeing to the terms of the DEVELOPMENT AGREEMENT which is attached as Exhibit B <br />hereto and made part of this Agreement between the County and Habitat. <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 />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 I 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 Property acquired, rehabilitated (if <br />necessary) and occupied by a low- income family earning up to 65% of HUD area median <br />income). <br />B. <br />In the event Owner sells, transfers or <br />exchanges <br />the Properly <br />or any portion <br />of the <br />Property, the following shall pertain: <br />Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B), <br />Owner may sell, transfer, or exchange the Property to a non -profit fund, foundation, <br />or corporation of like purpose which is organized and operated exclusively for <br />charitable and educational purposes and which has established its tax exempt status <br />under Section 501 (c)(3) of the Internal Revenue Code, or to Orange County; <br />provided, however, Owner shall obtain the written agreement, in form satisfactory to <br />Orange County, of any buyer or successor or other person acquiring the Property or <br />any interest therein, that such acquisition is subject to the requirements of this <br />Declaration and to the requirements of the DEVELOPMENT AGREEMENT. Owner <br />agrees that County may void any sale, transfer, or exchange of the Property or any <br />portion of this Property if the buyer or successor or other person fails to assume in <br />writing the requirements of this Declaration and the requirements of the <br />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 />15 <br />