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DocuSign Envelope ID:6DC1ED22-B276-4193-B1F9-548B6AFFC7C5 <br /> agency with similar interest in affordable housing and to serve families with incomes <br /> not exceeding 80% of the area median household income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development at the time <br /> of the transfer. The non-profit fund, foundation, or corporation of like purposes must <br /> have established its tax-exempt status under Section 501 (c)(3) of the Internal <br /> Revenue Code. <br /> 2. However, if the property is not sold, transferred, or otherwise disposed of to an <br /> agency with similar interest in affordable housing during the term of affordability, the <br /> net sales proceeds (sales price less: (1) selling cost, and (2) the unpaid principal <br /> amount of the initial Orange County contribution and any other initial government <br /> contribution secured by a deferred payment promissory note and deed of trust) or <br /> "equity" will be divided 50150 by the seller of the Property and Orange County. If <br /> the initial County contribution does not have to be repaid because the sale occurs <br /> more than forty years after the County contribution is made, then the seller of the <br /> Property and the County will divide the entire equity realized from the sale. <br /> 3. In the event that Net Sales Proceeds are insufficient to repay the County Bond Funds, <br /> including principal plus interest, the amount to be recaptured shall be any funds <br /> remaining after payment of all liens senior to the County's lien and closing costs. In <br /> no event shall the borrower be required to use funds other than net proceeds to repay <br /> the Bond Funds. <br /> 4. The resale provisions shall remain in effect for the full affordability period—20 years. <br /> C. Owner covenants that it will not knowingly take or permit any action that would result in <br /> a violation of the Orange County Long Term Affordability Policy requirements. Orange <br /> County, together with Owner, may execute and record any amendment or modification of <br /> this Declaration and such amendment or modification shall be binding on third parties <br /> granted rights under this Declaration. <br /> D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br /> restrictions provided in this Declaration is to assure compliance with the affordability <br /> requirements of Orange County, AND BY REASON THEREOF, OWNER IN <br /> CONSIDERATION FOR RECEIVING AFFORDABLE HOUSING BOND PROGRAM <br /> FUNDS FOR THE PROPERTY HEREBY AGREES AND CONSENTS THAT ORANGE <br /> COUNTY SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, <br /> AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN <br /> EQUITY, TO ENFORCE BY SPECIFIC PERFORMANCE OWNER'S OBLIGATIONS <br /> 21 <br />