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DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <br /> WHEREAS, the HOME Awardee intends to assist at least three (3) first-time <br /> homebuyers, who earn between 30% and 60% of HUD area median income, to purchase the <br /> housing units at the Properties; and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> low income household that has not owned a home within the past three (3) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or owner- <br /> occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br /> at least one year prior to the home purchase; <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and the <br /> HOME Awardee hereto agree and acknowledge that this Agreement does not constitute a <br /> commitment of funds or site approval, and that such commitment of funds or approval may occur <br /> only upon satisfactory completion of an environmental review and receipt by Orange County of a <br /> Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR <br /> Part § 58 if applicable. The parties further agree that the provision of such funds to the project is <br /> conditioned on Orange County's determination to proceed with, modify, or cancel the project <br /> based on the results of a 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, that <br /> Owner execute,deliver and record this Declaration in the Office of the Register of Deeds of Orange <br /> County in order to create certain covenants pertaining to the Property and running with the land <br /> for the purpose of enforcement of the affordability requirements of the Orange County HOME <br /> Investment Partnership Program and the County's Long-Term Affordability Policy. <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set <br /> forth and of other valuable consideration, the receipt and sufficiency of which is hereby <br /> acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive <br /> covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and <br /> are covenants pertaining to the Property and running with the land for the term stated herein and <br /> are binding upon all subsequent owners of the Property and for such term, except as specifically <br /> 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 Property and the Project will be used, during the ninety-nine <br /> (99) years after Project Completion (defined as the last of the following events: the <br /> Property is constructed and the last of the dwelling units is occupied by a low-income <br /> family), for owner-occupied housing to families earning between 30% and 60% of HUD <br /> area median income. In the event Owner sells, transfers or exchanges the Property or any <br /> portion of the Property, the following shall pertain: <br /> 17 <br />