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<br />22 <br /> <br />net sales proceeds (sales price less: (1) selling cost, and (2) the unpaid principal <br />amount of the initial Orange County contribution and any other initial government <br />contribution secured by a deferred payment promissory note and deed of trust) or <br />“equity” will be divided 50/50 by the seller of the Property and Orange County. If <br />the initial County contribution does not have to be repaid because the sale occurs <br />more than forty years after the County contribution is made, then the seller of the <br />Property and the County will divide the entire equity realized from the sale. <br /> <br />3. In the event that Net Sales Proceeds are insufficient to repay the HOME Funds, <br />including principal plus interest, the amount to be recaptured shall be any funds <br />remaining after payment of all liens senior to the County’s lien and closing costs. In <br />no event shall the borrower be required to use funds other than net proceeds to repay <br />the HOME Funds. <br /> <br />4. The resale provisions shall remain in effect for the full affordability period – 99 years. <br /> <br />C. Owner covenants that it will not knowingly take or permit any action that would result in <br />a violation of the Orange County Long Term Affordability Policy requirements or <br />Orange County HOME Investment Partnership Program. Orange County, together with <br />Owner, may execute and record any amendment or modification of this Declaration and <br />such amendment or modification shall be binding on third parties granted rights under <br />this Declaration. <br /> <br />E. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br />restrictions provided in this Declaration is to assure compliance with the affordability <br />requirements of Orange County and the Orange County HOME Investment Partnership <br />Program, AND BY REASON THEREOF, OWNER IN CONSIDERATION FOR <br />RECEIVING HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE <br />PROPERTY HEREBY AGREES AND CONSENTS THAT ORANGE COUNTY <br />SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, AND <br />IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, <br />TO ENFORCE BY SPECIFIC PERFORMANCE OWNER’S OBLIGATIONS UNDER <br />THIS DECLARATION IN A STATE COURT OF COMPETENT JURISDICTION, <br />WITH VENUE IN ORANGE COUNTY. Owner hereby further specifically <br />acknowledges that the beneficiaries of Owner's obligations hereunder cannot be <br />adequately compensated by monetary damages in the event of any default hereunder. <br /> <br />F. This Declaration may be enforced by Orange County or its designee in the event Owner fails <br />to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br />against any person or persons violating or attempting to violate any covenant. If legal <br />costs are incurred by Orange County, such legal costs, including attorney fees and court <br />costs (including costs of appeal), are the responsibility of, and may be recovered from the <br />Owner. <br /> <br />SECTION 5 MISCELLANEOUS <br /> <br />DocuSign Envelope ID: 1DB0D1D0-6B1C-4086-81CB-264D8410FEAB