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DocuSign Envelope ID:6DC1ED22-B276-4193-B1F9-548B6AFFC7C5 <br /> VI. OWNER PERFORMANCE UNDER THIS AGREEMENT <br /> A. Owner agrees to lease the Project dwelling units to families whose income does not <br /> exceed 80% of the area median income by family size, as determined by the U.S. <br /> Department of Housing and Urban Development and as may be amended from time to <br /> time. Monthly rents must not exceed the HUD Published Fair Market Rents in effect at <br /> the time of occupancy. Residential leases will not exceed one year in term. <br /> B. In the event that Owner is unable to complete its obligations to acquire, and occupy the <br /> Project dwelling units within this time or by extensions approved by the County under the <br /> terms of this Agreement, Owner will be required to repay the full amount of the County's <br /> outstanding funds as provided in this Agreement. <br /> C. If the Owner identifies a unit that needs potential rehabilitation prior to the relocation <br /> process, the Owner shall notify Orange County and assist the manufactured home owner <br /> and County Housing and Community Development staff through the rehabilitation <br /> process. <br /> 1. Owner shall ensure that all Project dwelling units under their control meet the <br /> Section 8 Housing Quality Standards (HQS) prior to leasing. All repair or <br /> maintenance work conducted by the Owner and Orange County must be <br /> completed in accordance with Orange County and North Carolina building codes <br /> and zoning ordinances, as applicable. <br /> 2. If any tenants residing in the Project dwelling units at the time of relocation need <br /> temporary relocation assistance due to time constraints and deadlines identified by <br /> the manufactured park owner, the Owner shall notify the County and develop a <br /> plan of action for temporary relocation assistance to be approved by the County. <br /> D. Owner is responsible for verifying the income of prospective tenants and maintaining <br /> eligibility data. Owner shall maintain tenant files as part of its Books and Records as <br /> required and for the period of time required by Section VII. C.3 of this Agreement. <br /> Owner must provide the County an initial occupancy report verifying the income <br /> eligibility of all tenants at the time of initial lease-up. Owner must furnish the County <br /> with an annual report on the Project dwellings units by June 30th of each year. <br /> E. Each Project dwelling must have a value that does not exceed 100% of its appraised <br /> value. An independent, qualified appraiser must conduct the appraisal. <br /> F. Owner must submit an annual rental operations budget to the County each year at least <br /> ninety days prior to the July 1 beginning date for the fiscal year. <br /> G. Owner agrees that any maintenance fee charged relating to any project dwelling shall not <br /> exceed $75.00 and will take into account the tenants' total household income as outlined <br /> in Exhibit A attached to this agreement. <br /> 4 <br />