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DocuSign Envelope ID: 65EC9D62 -7FB9- 4747- A005- FC28FEF750E3 <br />shall pertain: <br />1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B <br />hereto), the Orange County HOME Investment Partnership Program and this <br />Declaration, Owner may sell, transfer, or exchange the Property to a non - profit fund, <br />foundation, or corporation of like purpose which is organized and operated <br />exclusively for charitable and educational purposes and which has established its tax <br />exempt status under Section 501 (c)(3) of the Internal Revenue Code, or to Orange <br />County; provided, however, Owner shall obtain the written agreement, in form <br />satisfactory to Orange County, of any buyer or successor or other person acquiring <br />the Property or any interest therein, that such acquisition is subject to the <br />requirements of this Declaration and to the requirements of the DEVELOPMENT <br />AGREEMENT and the Orange County HOME Investment Partnership Program. <br />Owner agrees that Orange County may void any sale, transfer, or exchange of the <br />Property or any portion of the Property if the buyer or successor or other person fails <br />to assume in writing the requirements of this Declaration and the requirements of the <br />DEVELOPMENT AGREEMENT and the Orange County HOME Investment <br />Partnership Program. <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 <br />good 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 obligations <br />herein set forth and supersede any other requirements in conflict herewith. <br />SECTION 2 TERM OF DECLARATION <br />a. This Declaration, and the Terms of Affordability specified herein, apply to the Property <br />immediately upon recordation, and Owner shall comply with all restrictive covenants herein. <br />This declaration shall terminate fifteen years after Project Completion, unless Orange County <br />HOME Investment Partnership Program affordability restrictions are terminated due to the sale <br />of the Property to a non - qualified buyer as provided Section 4B below. <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br />THE LAND <br />a. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br />