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2 <br /> <br />affordability remedies in the Ground Lease in the event of a failure of or inability of <br />CHT to enforce the long term affordability remedies in the Ground Lease. <br /> <br />3. CHT is responsible for soliciting CHT Ground Lease tenants for the housing unit. CHT <br />and/or the Ground Lease tenants shall be responsible for securing permanent mortgage <br />financing for the housing unit. <br /> <br />4. CHT is responsible for verifying the income of the Ground Lease tenants, explaining the <br />land trust program and the CHT Ground Lease to potential tenants and certifying by <br />written documentation signed by the tenants that the program requirements have been <br />fully explained. CHT shall maintain purchaser files as part of its Books and Records as <br />required and for the period of time required by Section 11.C. of this Agreement. <br /> <br />5. At the time of resale of the housing unit, CHT will convey the housing unit to a qualified <br />homebuyer. The housing unit will consist of a 99 year Ground Lease (renewable for an <br />additional 99 years) to the project dwelling unit. The Ground Lease, the form of which is <br />Exhibit C hereto, provides for the long term affordability (at least 99 years) of the <br />housing unit and provides remedies to insure the long term affordability of the housing <br />unit. All Exhibits, attachments and addendums annexed hereto or referred to herein are <br />hereby incorporated into and made a part of this Agreement as if set forth herein, as it <br />now reads or as it may be modified by the Parties. CHT hereby declares and covenants, <br />on behalf of itself and all future owners of the Property, that, during the term of the <br />Declaration of Restrictive Covenants, the County is a third party beneficiary of and <br />successor to each and every remedy intended to insure the long term affordability of the <br />housing unit that is provided for in the Ground Lease and may, in the event of the failure <br />or default of the Lessor in the Ground Lease to insure the long term affordability of the <br />housing unit as provided for in the Ground Lease, exercise all rights and remedies <br />available to the Lessor in the Ground Lease for that purpose. <br /> <br />6. The housing unit must have a value that does not exceed 95% of the area median <br />purchase price for that type of housing. <br /> <br /> Value must be established by one of the following methods: <br />i. An appraisal by a qualified appraiser. <br />ii. Tax assessments may be used to establish value, but only if they are <br />current and can be computed at 100% of market value. <br /> <br />7. AMOUNT AND USE OF FUNDS. The County shall make available to CHT up to <br />Eighteen Thousand Dollars and 00/100 ($18,000) pursuant to this Agreement. Said <br />funds shall be disbursed by a check payable to CHT for performance of the services <br />described in this Agreement. Any unused grant funds shall revert to the County. CHT <br />may not request disbursement of funds under this Agreement until the funds are needed <br />for payment of eligible costs as determined by Orange County staff. <br /> <br /> <br /> <br />DocuSign Envelope ID: 1C608BEC-B713-4BE4-9E53-CD92D598627F