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DocuSign Envelope ID:6DC1ED22-B276-4193-B1F9-548B6AFFC7C5 <br /> of the original base purchase price paid by Owner . The term of the lease-purchase <br /> agreements shall be 10 years. The Owner after consultation with and concurrence by the <br /> County may offer other loan terms. <br /> B. The Project dwelling units must remain affordable during the "Period of Affordability," <br /> starting from the date of this Agreement and continuing for a period of twenty (20) years <br /> thereafter. The Owner retains full responsibility for compliance with the Affordability <br /> Requirements for the Project dwelling units, unless affordability restrictions are <br /> terminated by Orange County. <br /> C. Owner agrees to the Affordability Requirements as provided herein. <br /> D. Resale Provisions. The Declaration of Restrictive Covenants shall be substantially in the <br /> form of Exhibit C and include at least the following elements in their resale provisions: <br /> 1. If the Owner or subsequent buyer no longer uses the Property as rental housing to <br /> families eligible to rent a dwelling unit under this Agreement or is unable to continue <br /> ownership, then they must sell, transfer, or otherwise dispose of their interest in the <br /> Property only to an agency with similar interest in affordable housing and serve <br /> families with incomes not exceeding 80% of the area median household income by <br /> family size, as determined by the U.S. Department of Housing and Urban <br /> Development at the time of the transfer. The non-profit fund, foundation, or <br /> corporation of like purposes must have established its tax-exempt status under <br /> Section 501 (c) (3) of the Internal Revenue Code. <br /> 2. If the Property is sold, transferred, or otherwise disposed of during the Period of <br /> Affordability to other than an agency with similar interest in affordable housing as <br /> provided in a. above, the Right of First Refusal provision of the then current County's <br /> Long-Term Housing Affordability Policy must be followed and the net sales proceeds <br /> (sales price less: 1) selling cost, 2) the unpaid principal amount of the original first <br /> mortgage and 3) the unpaid principal amount of the initial County contribution and <br /> any other initial government contribution secured by a deferred payment <br /> promissory note and deed of trust or "equity") will be divided 50150 by the seller of <br /> the Property and the County. If the initial County contribution does not have to be <br /> repaid because the sale occurs more than forty years after the County contribution is <br /> made, then the seller of the Property and the County will divide the entire equity <br /> realized from the sale. <br /> 3. The resale provision shall remain in effect for the full affordability period—20 years. <br /> 4. Any proceeds from the recapture of funds under this provision will be used to <br /> facilitate the acquisition, construction, and rehabilitation of housing for the purposes of <br /> promoting affordable housing. <br /> 3 <br />