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DocuSign Envelope ID: F396A7D5-62F3-4B5B-A968-F49AA5397EFF <br /> what each must do to accomplish the 99-year duration of this Declaration of <br /> Restrictive Covenants. <br /> B. Resale Provisions <br /> 1. 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 as rental housing to families eligible to <br /> rent a dwelling unit under this Agreement or is unable to continue ownership, then <br /> the buyer must sell, transfer, or otherwise dispose of their interest in the Property <br /> only to an agency with similar interest in affordable housing and serve families <br /> with incomes not exceeding 80% of the area median household income by family <br /> size, as determined by the U.S. Department of Housing and Urban Development <br /> at the 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—99 years. <br /> 3. Any proceeds from the recapture of funds under this provision will be used to <br /> facilitate the acquisition, construction, and rehabilitation of housing for the purposes of <br /> promoting affordable housing. <br /> VII. OWNER PERFORMANCE UNDER THIS AGREEMENT <br /> A. Owner agrees to lease the Project dwelling units to a family whose income does not <br /> exceed 80% of the area median income by family size, as determined by the U.S. <br /> Department of Housing and Urban Development and as may be amended from time to <br /> time. Monthly rents must not exceed the HUD Published Fair Market Rents in effect at <br /> the time of occupancy. Residential leases will not exceed one year in term. <br /> B. Owner agrees to cooperate with County to allow County to finance the rehabilitation of <br /> the Project dwelling unit if needed. The Project shall be occupied no later than six <br />