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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <br /> approval, and that 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, as particularly described herein, the Property will be held by CHT, <br /> ensuring affordability of the project dwelling unit for at least 99 years; and <br /> WHEREAS, CHT has signed this Declaration agreeing to the terms of this Declaration, <br /> its obligations pursuant to this Declaration and agreeing to the terms of the Development <br /> Agreement between the County and CHT of even date; and <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br /> representations contained herein, it is agreed between the parties hereto as follows: <br /> SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> CHT hereby represents, covenants and warrants as follows: <br /> a. Subject to the requirements of the DEVELOPMENT AGREEMENT between CHT and <br /> County dated , which is hereby incorporated by reference and made a part of this <br /> Agreement, and this Declaration, CHT may sell, transfer, or exchange the Property to a non- <br /> profit fund, foundation, or corporation of like purpose which is organized and operated <br /> exclusively for charitable and educational purposes and which has established its tax exempt <br /> status under Section 501(c)(3) of the Internal Revenue Code, or to the County, but Owner shall <br /> notify in writing and obtain the agreement of any buyer or successor or other person acquiring <br /> the Property or any interest therein, that such acquisition is subject to the requirements of this <br /> Declaration and to the requirements of the DEVELOPMENT AGREEMENT and the Federal <br /> HOME Investment Partnership Program. CHT agrees that County may void any sale, transfer, <br /> or exchange of the Property or any portion of the Property if the buyer or successor or other <br /> person fails to assume in writing the requirements of this Declaration and the requirements of <br /> the DEVELOPMENT AGREEMENT. <br /> b. Contemporaneously with the execution, delivery and recording of this Declaration, CHT <br /> will acquire good and marketable title to the Property, free and clear of any lien or encumbrance <br /> (except encumbrances created pursuant to this Declaration or other encumbrances permitted by <br /> Orange County). <br /> C. CHT warrants that it will not accept title to the Property subject to and will not execute <br /> any other declaration with provisions contradictory to, or in opposition to, the provisions hereof, <br /> and that in any event, the requirements of this Declaration are paramount and controlling as to <br /> the rights and obligations herein set forth and supersede any other requirements in conflict <br /> herewith. <br /> 16 <br />