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15 <br />WHEREAS, Habitat intends to assisteleven(11) first-time homebuyers, who earn <br />between 30% and 65% of HUD area median income, to purchase the newly constructed housing <br />units at the Properties; and <br />WHEREAS,a first-time homebuyer for the purposes of this program is defined as any <br />low income household that has not owned a home within the past three(3) years including <br />households living in manufactured housing not permanently affixed to a foundation, or owner- <br />occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br />at least one year prior to the home purchase; <br />WHEREAS,notwithstanding any provision of this Agreement, the County and Habitat <br />hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br />site approval, andthat such commitment of funds or approval may occur only upon satisfactory <br />completion of an environmental review and receipt by Orange County of a Release of Funds <br />from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br />applicable. The parties further agree that the provision of such funds to the project is <br />conditioned on Orange County’s determination to proceed with, modify, or cancel the project <br />based on the results of a subsequent environmental review. <br />WHEREAS, Orange County requires and Owner agrees to the requirement, as a <br />condition precedent to the awarding of Orange County HOME Investment Partnership Program <br />funds, that Owner execute, deliver and record this Declaration in the Office of the Register of <br />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 of the <br />Orange County HOME Investment Partnership Program. <br />NOW, THEREFORE,in considerationof 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 1 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 willbe used, during the ninety-nine <br />(99) years after Project Completion (defined as the last of the following events: the <br />Property is acquired, rehabilitated, if necessary, and the last of the nine dwelling units is <br />occupied by a low-income family), for owner-occupied housing to families earning up to <br />65% of HUD area median income. In the event Owner sells, transfers or exchanges the <br />Property or any portion of the Property, the following shall pertain: <br />1.Subject to the requirements of the DEVELOPMENT AGREEMENT(AttachmentB <br />DocuSign Envelope ID: 12C19140-2C02-498E-AD84-772B4830D31B