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10 <br />shall execute, acknowledge and deliver such further instruments reasonably necessary or desired <br />by the County to carry out mare effectively the purposes of this Agreement or any other <br />document related to the transactions contemplated hereby, and to subject to the liens and security <br />interests hereof and thereof all or any part of the Mortgaged Property intended to be given or <br />conveyed hereunder or thereunder, whether now given or conveyed or acquired and conveyed <br />subsequent to the date of this Agreement. <br />4.12 The Caunty's Advances for Performance of the Affordable Housing Owner's <br />Obligations. If the affordable housing owner fails to perform any of its obligations under this <br />Agreement, the County is hereby authorized, but nvt obligated, to perform such obligation or <br />cause it to be performed. All expenditures incurred by the County (including any advancement of <br />funds for payment of taxes, insurance premiums or other costs of maintaining the Mortgaged <br />Property, and any associated legal or other expenses), together with interest thereon at an annual <br />rate equal to 10%, shall be secured as Additional Payments under this Agreement. The affordable <br />housing owner promises to pay all such amounts to the County immediately upon demand. <br />4.13 Taxes and Other Governmental Charges. The affordable housing owner shall <br />pay, as Additional Payments, the full amount of all taxes, assessments and other governmental <br />charges lawfully made by any governmental body during the term of this Agreement. With <br />respect to special assessments or other governmental charges which may be lawfully paid in <br />installments over a period of years, the affordable housing owner shall be obligated to provide <br />for Additional Payments only for such installments as are required to be paid during the <br />Agreement term. The affordable housing owner shall not allow any liens for taxes, assessments <br />or governmental charges with respect to the Mortgaged Property or any portion thereof to <br />become delinquent (including, without limitation, any taxes levied upon the Mortgaged Property <br />or any portion thereof which, if not paid, will become a charge on any interest in the Mortgaged <br />Property, including the County's interest; or the rentals and revenues derived therefrom or <br />hereunder). <br />4.14 Other Covenants. <br />(a) The affordable housing owner will use the Mortgaged Property for housing for <br />families earning up to 80% of HUD area median income for a period of ninety-nine years after <br />the date of this Agreement. <br />(b) The affordable housing owner may sell, transfer or exchange the Mortgaged <br />Property to a non-profit fund, foundation or corporation of like purpose which is organized and <br />operating exclusively for charitable and educational purposes and which has established its tax <br />exempt status under Section 501 (c)(3) of the Internal Revenue Code, or to the County; provided, <br />however, the affordable housing owner shall obtain the written agreement, in form satisfactory to <br />the County, of any buyer or successor or other person acquiring the Mortgaged Property or any <br />interest therein, that such acquisition is subject to the requirements of this Agreement. The <br />affordable housing owner agrees that the County .may void any sale, transfer or exchange of the <br />Mortgaged Property or any portion thereof if the buyer or successor or other person fails to <br />assume in writing the requirements of this Agreement. <br />10 <br />