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4 <br />9. LIEN POSITION <br />Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br />Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement, <br />and (iv) Declaration of Restrictive Covenants (collectively referred to as the “Orange County <br />Loan Documents”), for CHT shall not be subordinate to any other documents. The Declaration <br />of Restrictive Covenants (EXHIBIT D) described in Section 11 of this Agreement shall be <br />recorded prior to the Deed of Trust. <br />10. TIMELINESS <br />CHT 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 <br />the 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 <br />that case, the time of completion shall be extended by the County Manager in writing for a <br />period of time not to exceed six (6) months. Any further extensions will require the approval <br />of the Orange County Board of County Commissioners. CHT will be responsible for <br />providing status reports to the County quarterly detailing the project activities until project <br />completion. In addition, CHT agrees to furnish to the County a copy of its annual audit <br />performed by a certified public accountant within 90 days of the end of each fiscal year until <br />the Project is complete. <br />The Project completion date is the closing date of the Ground Lease by a qualified buyer of <br />the last of the Project dwelling units. In the event that CHT is unable to proceed with any <br />aspect of the project in a timely manner, and County and CHT determine that reasonable <br />extension(s) for completion will not remedy the situation, then the Termination of Agreement <br />provisions of this Agreement (Section 15.D.) shall pertain. CHT may, at its option, submit a <br />written request for a delay of completion for County approval. The County may, at its option, <br />approve any delay in the completion date or declare CHT in default. <br />CHT shall monitor the housing units for affordability for the period of affordability – <br />ninety-nine (99) years and, if renewed, an additional ninety-nine years. Final contract <br />completion date shall be the end date of the last affordability period. <br />11. DURATION OF THE AGREEMENT AND AFFORDABILITY REQUIREMENT <br />This Agreement will remain in effect for the Period of Affordability. Upon termination or <br />expiration of this Agreement, CHT shall transfer to the County any HOME funds on hand at <br />the time of expiration and accounts receivable attributable to the use of HOME funds. <br />Housing assisted with HOME funds must meet the affordability requirements of 24 CFR <br />92.254. Under this Agreement, each housing unit must remain affordable for a period of <br />ninety-nine years. CHT retains full responsibility for compliance with the affordability <br />requirement for assisted housing units. CHT shall assure compliance with affordability of <br />DocuSign Envelope ID: BDBF6EEB-BEEA-472C-85F1-0820A6F699C3