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DocuSign Envelope ID: 7C3119A7- D81B- 45AB- 993C- 13CE5D767031 <br />of the original base purchase price paid by Owner . The term of the lease - purchase <br />agreements shall be 10 years. The Owner after consultation with and concurrence by the <br />County may offer other loan terms. <br />B. The Project dwelling units must remain affordable during the "Period of Affordability," <br />starting from the date of this Agreement and continuing for a period of twenty (20) years <br />thereafter. The Owner retains full responsibility for compliance with the Affordability <br />Requirements for the Project dwelling units, unless affordability restrictions are <br />terminated by Orange County. <br />C. Owner agrees to the Affordability Requirements as provided herein. <br />D. Resale Provisions. The Declaration of Restrictive Covenants shall be substantially in the <br />form of Exhibit C and include at least the following elements in their resale provisions: <br />1. If the Owner or subsequent buyer no longer uses the Property as rental housing to <br />families eligible to rent a dwelling unit under this Agreement or is unable to continue <br />ownership, then they must sell, transfer, or otherwise dispose of their interest in the <br />Property only to an agency with similar interest in affordable housing and serve <br />families with incomes not exceeding 80% of the area median household income by <br />family size, 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 <br />corporation of like purposes must have established its tax - exempt status under <br />Section 501 (c) (3) of the Internal Revenue Code. <br />2. If the Property is sold, transferred, or otherwise disposed of during the Period of <br />Affordability to other than an agency with similar interest in affordable housing as <br />provided in a. above, the Right of First Refusal provision of the then current County's <br />Long -Term Housing Affordability Policy must be followed and the net sales proceeds <br />(sales price less: 1) selling cost, 2) the unpaid principal amount of the original first <br />mortgage and 3) the unpaid principal amount of the initial County contribution and <br />any other initial government contribution secured by a deferred payment <br />promissory note and deed of trust or "equity ") will be divided 50150 by the seller of <br />the Property and the County. If the initial County contribution does not have to be <br />repaid because the sale occurs more than forty years after the County contribution is <br />made, then the seller of the Property and the County will divide the entire equity <br />realized from the sale. <br />3. The resale provision shall remain in effect for the full affordability period — 20 years. <br />4. Any proceeds from the recapture of funds under this provision will be used to <br />facilitate the acquisition, construction, and rehabilitation of housing for the purposes of <br />promoting affordable housing. <br />3 <br />