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DocuSign Envelope ID:002619DF-54F2-4EEA-B4A8-14714544BAC0 <br /> secured by a deferred payment promissory note and deed of trust) or "equity" will be <br /> divided 50150 by the seller of the Properties and Orange County. If the initial County <br /> contribution does not have to be repaid because the sale occurs more than forty years <br /> after the County contribution is made, then the seller of the Properties and the County <br /> will divide the entire equity realized from the sale. <br /> 3. In the event that Net Sales Proceeds are insufficient to repay the HOME 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 no <br /> event shall the borrower be required to use funds other than net proceeds to repay the <br /> HOME Funds. <br /> 4. The resale provisions shall remain in effect for the full affordability period—99 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 or Orange <br /> County HOME Investment Partnership Program. Orange County, together with Owner, <br /> may execute and record any amendment or modification of this Declaration and such <br /> amendment or modification shall be binding on third parties granted rights under this <br /> Declaration. <br /> E. 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 the Orange County HOME Investment Partnership <br /> Program, AND BY REASON THEREOF, OWNER IN CONSIDERATION FOR <br /> RECEIVING HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE <br /> PROPERTY HEREBY AGREES AND CONSENTS THAT ORANGE COUNTY <br /> SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, AND <br /> IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, <br /> TO ENFORCE BY SPECIFIC PERFORMANCE OWNER'S OBLIGATIONS UNDER <br /> THIS DECLARATION IN A STATE COURT OF COMPETENT JURISDICTION, <br /> WITH VENUE IN ORANGE COUNTY. Owner hereby further specifically acknowledges <br /> that the beneficiaries of Owner's obligations hereunder cannot be adequately compensated <br /> by monetary damages in the event of any default hereunder. <br /> F. This Declaration may be enforced by Orange County or its designee in the event Owner fails <br /> to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br /> against any person or persons violating or attempting to violate any covenant. If legal costs <br /> are incurred by Orange County, such legal costs, including attorney fees and court costs <br /> (including costs of appeal),are the responsibility of,and may be recovered from the Owner. <br /> SECTION 5 MISCELLANEOUS <br /> A. Severability. The invalidity of any clause, part, or provision of this Declaration shall not <br /> affect the validity of the remaining portions thereof. <br /> 23 <br />