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DocuSign Envelope ID: F396A7D5-62F3-4B5B-A968-F49AA5397EFF <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto as follows: <br /> I. USE OF HOME FUNDS/SUBSIDY TYPE <br /> A. The Owner shall perform the projects or tasks related to its allocation of HOME funds as <br /> provided in Exhibit B, Scope of Services and within the Project Budget outlined in <br /> Exhibit C. Exhibits B and C, are attached and are hereby made a part of this Agreement, <br /> as it now reads or as it may be modified by the parties. <br /> B. The Owner may not request disbursement of funds under this Agreement until the funds <br /> are needed for payment of eligible costs. The amount of each request must be limited to <br /> eligible costs as determined by Orange County staff. <br /> C. Said funds shall be disbursed by check payable to the Owner. <br /> D. HOME funds will be a fixed subsidy provided in the form of a deferred loan. <br /> II. AMOUNT OF HOME FUNDS/GRANT TERMS <br /> The County shall make available to the Owner up to One Hundred Forty-Five Thousand <br /> Dollars ($145,000) at an interest rate of zero percent (0%) pursuant to this Agreement. The <br /> funding provided by the County will be provided as a fixed subsidy in the form of a deferred <br /> loan. The investment will be secured by a forty (40) year Deed of Trust and Promissory Note, <br /> forgivable at the end of forty (40) years. This Deed of Trust, recorded in the Orange County <br /> Registry, and Promissory Note shall constitute a lien on the Property. <br /> Said funds shall be disbursed by the County to the Owner for performance of the services <br /> described in Exhibit B. <br /> III. LIEN POSITION <br /> Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br /> Development, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement, and (iv) <br /> Declaration of Restrictive Covenants (collectively referred to as the "Orange County Loan <br /> Documents"), for EmPOWERment, Inc. shall not be subordinate to any other documents. The <br /> Declaration of Restrictive Covenants (EXHIBIT D) described in Paragraph VI. of this <br /> Agreement shall be recorded prior to the Deed of Trust. <br /> IV. TIMELINESS <br /> Owner shall complete the Project within six (6) months from the date of this Agreement. <br /> However, in the event of any alterations or additions or circumstances beyond the control of the <br /> Owner, which in the opinion of the Director of the County's Department of Housing and <br /> Community Development will require additional time for completion of the Project, then in that <br /> case, the time of completion shall be extended by the County Manager in writing for a period of <br />