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DocuSign Envelope ID:758215CF-OA18-45F8-8807-AB9OF35D5BA2 <br /> 3. At the time of closing of the sale of each of the dwelling units to a homebuyer, <br /> the homebuyer shall receive HOME 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 Habitat for 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"), shall not expressly subordinated to any other documents except 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, 2020 and 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 and Community 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 as provided in Section VI, <br /> Affordability Requirements. <br /> VI. AFFORDABILITY REQUIREMENTS <br /> A. Habitat agrees to build and sell the Project dwelling units to two (2) low income <br /> families earning between 30% and 65% of the area median income as 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. Habitat shall <br /> retain full responsibility for compliance with the affordability requirement for each of <br /> 3 <br />