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DocuSign Envelope ID:002619DF-54F2-4EEA-B4A8-14714544BAC0 <br /> located on the properties more particularly described in Exhibit A attached hereto and made a part <br /> of this Agreement(hereinafter referred to as "the Properties"); and <br /> WHEREAS,the Owner agrees to utilize HOME and CHDO Set-Aside funds provided for <br /> the purpose of acquiring the Properties as described in its HOME Program Funding Application <br /> dated February 5, 2019, which is hereby incorporated into and made part of this Agreement; and <br /> WHEREAS,notwithstanding any provision of this Agreement,the County and the Owner <br /> hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br /> site approval, and that such commitment of funds or approval may occur only upon satisfactory <br /> completion of an environmental review and receipt by Orange County of a Release of Funds from <br /> the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. <br /> The parties further agree that the provision of such funds to the project is conditioned on Orange <br /> County's determination to proceed with, modify, or cancel the project based on the results of a <br /> subsequent environmental review. <br /> WHEREAS,Orange County requires and Owner agrees to the requirement, as a condition <br /> precedent to the awarding of Orange County HOME Investment Partnership Program funds and <br /> HOME CHDO Set-Aside funds, that Owner execute, deliver and record this Declaration in the <br /> Office of the Register of Deeds of Orange County in order to create certain covenants pertaining <br /> to the Properties and running with the land for the purpose of enforcement of the affordability <br /> requirements of the Orange County HOME Investment Partnership Program. <br /> NOW,THEREFORE,in consideration of the promises and covenants hereinafter set forth <br /> and of other valuable consideration,the receipt and sufficiency of which is hereby acknowledged, <br /> Owner intends, declares, and covenants that the regulatory and restrictive covenants set forth <br /> herein governing the use, occupancy, and transfer of the Properties shall be and are covenants <br /> pertaining to the Properties and running with the land for the term stated herein <br /> and are binding upon all subsequent owners of the Properties and for such term, except as <br /> specifically 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 Properties and the Project will be used, during the ninety-nine <br /> (99) 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 median <br /> income). <br /> B. In the event Owner sells, transfers or exchanges the Properties or any portion of the <br /> Properties, the following shall pertain: <br /> 1. Subject to the requirements of the DEVELOPMENT AGREEMENT between Owner <br /> and County dated March 10, 2020, which is hereby incorporated by reference and made <br /> a part of this Declaration, and the HOME Investment Partnership Program and this <br />