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16 <br /> <br />terms of the County’s Long Term Affordable Housing Policy and the leasing of the dwelling to a <br />low to moderate income family earning up to 60% of HUD area median income; and <br /> <br />WHEREAS, such transfer of Property will be in exchange of a secured lien on the Owner’s <br />Property in the amount of Project Funds as described herein. <br /> <br /> WHEREAS, EmPOWERment, Inc. as a condition precedent to the transfer of this <br />Property from County to Owner, shall execute, deliver, and record this Declaration in the Office <br />of the Register of Deeds of Orange County in order to create certain covenants pertaining to the <br />Property and running with the land for the purpose of enforcement of the affordability <br />requirements of the terms of the Affordable Housing Land Banking Development Agreement, <br />which is hereby incorporated by reference into and made part of this Agreement, between the <br />County and EmPOWERment, Inc. A copy of the Affordable Housing Land Banking Development <br />Agreement (hereinafter, “DEVELOPMENT AGREEMENT”) is on file with the Office of the <br />Clerk to the Orange County Board of County Commissioners; <br /> <br />NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth and <br />of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, <br />Owner intends, declares, and covenants that the regulatory and restrictive covenants set forth <br />herein governing the use, occupancy, and transfer of the Property shall be and are covenants <br />pertaining to the Property and running with the land for the term stated herein and are binding <br />upon all subsequent owners of the Property and for such term, except as specifically provided <br />herein, and are not merely personal covenants of Owner. <br /> <br />SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> <br />Owner hereby represents, covenants and warrants as follows: <br /> <br />a. It is contemplated that the Property and the Project will be used, during the ninety-nine <br />years after Project Completion (defined as the Property acquired, rehabilitated, if <br />necessary, and the Project dwelling unit occupied by a low-income family earning up to <br />60% of HUD Area Median Income). <br /> <br />b. In the event Owner sells, transfers or exchanges the Property or any portion of the Property, <br />the following shall pertain: <br /> <br />1. Subject to the requirements of the DEVELOPMENT AGREEMENT, Owner may sell, <br />transfer, or exchange the Property to a non-profit fund, foundation, or corporation of <br />like purpose which is organized and operated exclusively for charitable and educational <br />purposes and which has established its tax exempt status under Section 501 (c)(3) of <br />the Internal Revenue Code, or to Orange County; provided, however, Owner shall <br />obtain the written agreement, in form satisfactory to Orange County, of any buyer or <br />successor or other person acquiring the Property or any interest therein, that such <br />acquisition is subject to the requirements of this Declaration and to the requirements of <br />the DEVELOPMENT AGREEMENT. Owner agrees that Orange County may void <br />any sale, transfer, or exchange of the Property or any portion of the Property if the <br />DocuSign Envelope ID: FDEBA80C-B05F-4BF1-B91C-624A1EA2F697