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3 <br />1.2 The HOME funding provided by the County will be provided as a deferred <br />second mortgage to the individual families at the time of sale. The HOME <br />Program investment will be secured by a forty (40) yeaz Deed of Trust and <br />Promissory Nate, forgivable at the end of 40 years. This Deed of Trust and <br />Promissory Note shall constitute a lien on the Property, second only to the <br />Declazation of Restrictive Covenants described in paragraph 4 of this Agreement, <br />with the County as ,the secured party/beneficiary. The County agrees to <br />subordinate its Deed of Trust lien to a lien securing private permanent financing <br />acquired by the homebuyer. <br />1.3 The period of affordability will be 99 yeazs and will be secured by a Declaration <br />of Restrictive Covenants that will incorporate a right of first refusal that may be <br />exercised by Habitat and/or Orange County. <br />1.4 Habitat is responsible for soliciting buyers for the five, new dwelling units. <br />Habitat and/or its buyers shall be responsible for securing permanent mortgage <br />financing for the homes. <br />l.5 Habitat is responsible far verifying the income of the homebuyers, explaining the <br />second mortgage program to potential homebuyers and certifying by written <br />documentation signed by the homebuyer that the program requirements have been <br />fully explained. Habitat shall maintain purchaser files as part of its Books and <br />Records as required and for the period of time required by Section 6.c. of this <br />Agreement. <br />2. Time for Commencement and Completion. In addition, Habitat agrees to furnish to <br />the County a copy of its annual audit, performed by a certified public accountant within <br />90 days of the end of the fiscal year of expenditure of the HOME Program Funding. <br />The Project completion date is the closing date of the purchase by a qualified buyer of the <br />last of the five units to be constructed. In the event that Habitat is unable to proceed with <br />any aspect of the Project in a timely manner, and County and Habitat determine that <br />reasonable extension(s) for completion will not remedy the situation, then the <br />Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. <br />Habitat may, at its option, submit a written request for a delay of completion for County <br />approval. The County may, at its option, approve any delay in the completion date or <br />declaze Habitat in default. <br />Habitat shall monitor the constructed units for affordability for the period of affordability <br />-- ninety-nine (9y) yeazs. Final contract completion date shall be the' latest end date of all <br />assisted unit affordability periods. <br />3. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br />nine yeazs. Habitat retains full responsibility for compliance with the affordability <br />requirement far assisted units, unless affordability restrictions are terminated due to the <br />sale of the Property to anon-qualified buyer in which event the Resale Provisions of <br />