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DocuSign Envelope ID:6DC1ED22-B276-4193-B1F9-548B6AFFC7C5 <br /> County in order to create certain covenants pertaining to the Property and running with the land <br /> for the purpose of enforcement of the affordability requirements and agreeing to the terms of the <br /> DEVELOPMENT AGREEMENT which is attached as Exhibit B hereto and made part of this <br /> Agreement between the County and Empowerment, Inc. . <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set <br /> forth and of other valuable consideration, the receipt and sufficiency of which is hereby <br /> acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive <br /> covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and <br /> are covenants pertaining to the Property and running with the land for the term stated herein and <br /> are binding upon all subsequent owners of the Property and for such term, except as specifically <br /> provided herein, and are not merely personal covenants of Owner. <br /> SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> Owner hereby represents, covenants and warrants as follows: <br /> A. It is contemplated that the Property and the Project will be used, during the twenty (20) <br /> years after Project Completion (defined as the Property acquired, rehabilitated ( if <br /> necessary) and occupied by a low-income family earning up to 80% of HUD area <br /> median income). <br /> B. In the event Owner sells, transfers or exchanges the Property or any portion of the <br /> Property, the following shall pertain: <br /> 1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B), <br /> Owner may sell, transfer, or exchange the Property to a non-profit fund, foundation, <br /> or corporation of like purpose which is organized and operated exclusively for <br /> charitable and educational purposes and which has established its tax exempt status <br /> under Section 501 (c)(3) of the Internal Revenue Code, or to Orange County; <br /> provided, however, Owner shall obtain the written agreement, in form satisfactory to <br /> Orange County, of any buyer or successor or other person acquiring the Property or <br /> any interest therein, that such acquisition is subject to the requirements of this <br /> Declaration and to the requirements of the DEVELOPMENT AGREEMENT. Owner <br /> agrees that County may void any sale, transfer, or exchange of the Property or any <br /> portion of this Property if the buyer or successor or other person fails to assume in <br /> writing the requirements of this Declaration and the requirements of the <br /> DEVELOPMENT AGREEMENT. <br /> 2. Any assignment, sale, transfer, conveyance or other disposition of the Property or any <br /> part of the Property other than as described in subparagraph 1 above, whether <br /> 17 <br />