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DocuSign Envelope ID: 65EC9D62 -7FB9- 4747- A005- FC28FEF750E3 <br />Covenants shall include at least the following elements in their resale provisions for the <br />Improvements: <br />If Owner no longer uses the Property as rental property or is unable to continue <br />ownership, then the Owner must sell, transfer, or otherwise dispose of its interest in the <br />Property only to an agency with similar interest in affordable housing and serve families <br />with incomes not exceeding 50% or 60% of the area median household income by family <br />size, as applicable, and as determined by the U.S. Department of Housing and Urban <br />Development at the time of the transfer. The non - profit fund, foundation, or corporation <br />of like purposes must have established its tax - exempt status under Section 501(c)(3) of <br />the Internal Revenue Code. <br />However, if the Property is sold, transferred, or otherwise disposed of other than to an <br />agency with similar interest in affordable housing during the period of affordability, the <br />Right of First Refusal provision in the County's Long -Term Housing Affordability Policy <br />must be followed and the net sales proceeds (sales price less: (1) selling cost, (2) the <br />unpaid principal amount of the original first mortgage and (3) the unpaid principal <br />amount of the initial County contribution and any other initial government contribution <br />secured by a deferred payment promissory note and deed of trust) or "equity" will be <br />divided 50150 by the seller of the Property and the County. <br />The resale provision shall remain in effect for the full affordability period — 15 years. <br />VI. OWNER PERFORMANCE UNDER THIS AGREEMENT <br />A. CASA agrees to lease the Project dwelling units within the Club Nova Apartments to a <br />disabled person whose income does not exceed 60% of the area median income by family <br />size, as determined by the U.S. Department of Housing and Urban Development and as <br />may be amended from time to time. CASA agrees to lease the Project dwelling units <br />within the Johnson Street Apartments to a household whose income does not exceed 50% <br />of the area median income by family size, as determined by the U.S. Department of <br />Housing and Urban Development and as may be amended from time to time. Monthly <br />rents must not exceed the HUD Published Fair Market Rents in effect at the time of <br />occupancy. Residential leases will not exceed one year in term. <br />B. CASA agrees to rehabilitate the Project dwelling units as described in Exhibit B to this <br />Agreement and in accordance with the applicable requirements for rehabilitation projects <br />pursuant to 24 C.F.R. §92, Subpart F, including §92.251. The Project shall be occupied <br />no later than six months after completion of the rehabilitation. In the event that CASA is <br />unable to complete its obligations to rehabilitate and occupy the Project dwelling units <br />within this time or by extensions approved by the County under the terms of this <br />Agreement, CASA will be required to repay the full amount of the County's outstanding <br />loan as provided in the loan documents. <br />1. CASA shall ensure that the Project dwelling unit meets the Section 8 Housing Quality <br />Standards (HQS) prior to leasing. All repair work must be completed in accordance <br />