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3 <br />3.At the time of closing of the sale of each of the dwelling units to a homebuyer, <br />the homebuyer shall receiveHOME funds as second mortgage assistance <br />which shall be documented by a Promissory Note from the homebuyer to the <br />County,which shall be secured by a Deed of Trust on the Properties naming <br />the County as beneficiary. The County agrees to subordinate its Deed of Trust <br />lien to a lien securing private permanent financing acquired by the <br />homebuyer. <br />B.Said funds shall be disbursed by the County to Habitatfor performance of the services <br />described in Exhibit A. <br />III.LIEN POSITION <br />Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br />Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement and <br />(iv) Declaration of Restrictive Covenants (collectively referred to as “Orange County Loan <br />Documents”), shallnot expressly subordinated to any other documentsexcept those documents <br />scribed in §§ II.A.2. and II.A.3 above. <br />IV.TIMELINESS <br />Habitat shall complete the Project by December 31, 2020and sell all homes by June 30, <br />2021. However, in the event of any alterations or additions or of circumstances beyond the <br />control of Habitat, which in the opinion of the Director of the County’s Department of Housing, <br />Human Relations andCommunity Development will require additional time for completion of <br />the Project, then in that case, the time of completion shall be extended by the County Manager in <br />writing for a period of time not to exceed six (6) months. Any further extensions will require the <br />approval of the Orange County Board of County Commissioners. <br />V.DURATION OF THE AGREEMENT <br />This Agreement will remain in effect for the Period of Affordability established below. <br />VI.AFFORDABILITY REQUIREMENTS <br />A.Habitatagrees tobuild and sell the Project dwelling units to eleven(11)low income <br />families earning between 30% and 65% of the area median incomeas determined <br />during the initial eligibility period.Families may not earn more than 80% of the area <br />median income at the time of sale of the property.Area Median Income by family <br />size is determined by the U.S. Department of Housing and Urban Development and <br />amended from time to time. <br />B.The Declaration of Restrictive Covenants shall provide that each of the Project <br />dwelling units must remain affordable for a period of ninety-nine years.Habitatshall <br />retain full responsibility for compliance with the affordability requirement for each of <br />DocuSign Envelope ID: 12C19140-2C02-498E-AD84-772B4830D31B