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6 <br /> of its election to purchase within 30 days of its receipt of the Notice and shall purchase <br /> the Property or portion thereof within 90 days of the receipt of the 'Notice of Intent to <br /> Sell." As between the County and the sponsoring non-profit organization, if both wish to <br /> and have the means to exercise the right of first refusal, the sponsoring non-profit <br /> organization shall have priority. <br /> If neither Orange County nor the sponsoring non-profit organization advises the Buyer in <br /> a timely fashion of its intent to purchase the Property, then the Buyer shall be free to <br /> transfer the property in accordance with the Equity Sharing subsection of this policy. <br /> C. Equity Sharing <br /> All financial contributions provided by the County will be provided as a deferred second <br /> loan secured by a forty (40) year Deed of Trust and Promissory Note, forgivable at the <br /> end of 40 years. This Deed of Trust and Promissory Note shall constitute a lien on the <br /> Property; subordinate only to private construction financing or permanent first <br /> mortgage financing. <br /> The 99 year period of affordability for each individual housing unit will be secured <br /> by a declaration of restrictive covenants that will incorporate a right of first refusal <br /> that may be exercised by a sponsoring non-profit organization and/or Orange County. <br /> This declaration of restrictive covenants will be further secured by a deed of trust. <br /> The non-profit organization and/or the County as applicable retains full responsibility <br /> for compliance with the affordability requirement for assisted units throughout the <br /> term of affordability, unless affordability restrictions are terminated due to the sale of the <br /> Property to a non-qualified buyer. <br /> If the buyer no longer uses the Property as a principal residence or is unable to continue <br /> ownership, then the buyer must sell, transfer, or otherwise dispose of their interest in <br /> the Property only to a qualified homebuyer, i.e., a low-income household, one whose <br /> combined income does not exceed 80% of the area median household income by family <br /> size, as determined by theU.S.Department ofHousing and Urban Development at the time <br /> of the transfer,to use as their principal residence. <br /> However, if the property is sold during the term of affordability to a non-qualified <br /> homebuyer to be used as their principal residence,the net sales proceeds (sales price less: <br /> 1) selling cost, 2) the unpaid principal amount of the original first mortgage and 3) the <br /> unpaid principal amount of the initial County contribution and any other initial <br /> government contribution secured by a deferred payment promissory note and deed of <br /> trust) or "equity" will be divided 50/50 by the seller of the Property and the County. If <br /> the initial County contribution does not have to be repaid because the sale occurs more <br /> than forty years after the County contribution is made, then the seller of the Property and <br /> the County will divide the entire equity realized from the sale. <br /> Any proceeds from the recapture of funds under this provision will be used to <br />