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Department of Housing and Urban Development and amended from time to time . <br /> Residential leases will not exceed one year in term . <br /> 2 . The Project dwelling unit must remain affordable during the Period of Affordability . <br /> Grantee retains full responsibility for compliance with the affordability requirement <br /> for the Project dwelling unit . Grantee shall assure compliance with affordability - of <br /> the Project dwelling unit on the Property as provided in the Declaration of Restrictive <br /> Covenants , recorded at Book Page Orange County Registry <br /> ("Declaration") , the form of which is attached as Exhibit D and hereby incorporated <br /> into this Agreement . This Declaration shall constitute and remain a lien on the <br /> Property during the Period of Affordability . <br /> 3 . Grantee agrees to the Affordability Requirements as provided herein and the Resale <br /> Provisions provided in the Exhibit D , Declaration of Restrictive Covenants , Section <br /> 4139 <br /> B . Resale Provisions <br /> l . Resale Provisions . The Declaration of Restrictive Covenants shall include at least the <br /> following elements in their resale provisions . <br /> a . If the buyer no longer uses the Property for housing to families eligible to under <br /> this Agreement or is unable to continue Granteeship , then the buyer must sell , <br /> transfer, or otherwise dispose of their interest in the Property only to an agency <br /> with similar interest in affordable housing and serve families with incomes not <br /> exceeding 80 % of the area median household income by family size , as <br /> determined by the U . S . . Department of Housing and Urban Development at the <br /> time of the transfer . The non-profit fund, foundation, or corporation of like <br /> purposes must have established its tax- exempt status under Section 501 (c) (3 ) of <br /> the Internal Revenue Code . <br /> b. If the Property is sold, transferred, or otherwise disposed of during the Period of <br /> Affordability to other than an agency with similar interest in affordable housing as <br /> provided in a. above , the Right of First Refusal provision of the then current <br /> County ' s Long-Term Housing Affordability Policy must be followed and the net <br /> sales proceeds (sales price less : 1) selling cost, 2) the unpaid principal amount of <br /> the original first mortgage and 3 ) the unpaid principal amount of the initial <br /> County contribution and any other initial government contribution secured by a <br /> deferred payment promissory note and deed of trust or "equity " will be divided <br /> 50150 by the seller of the Property and the County . If the initial County <br /> contribution does not have to be repaid because the sale occurs more than forty <br /> years after the County contribution is made , then the seller of the Property and the <br /> County will divide the entire equity realized from the sale . <br /> 2 . The resale provision shall remain in effect for the full affordability period — 15 years . <br /> 3 <br />