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DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <br /> the County's Long-Term Housing Affordability Policy must be followed and the Net <br /> Sales Proceeds (sales price less: (1) selling cost, (2)the unpaid principal amount of the <br /> original first mortgage and (3) the unpaid principal amount of the initial County <br /> contribution and any other initial government contribution secured by a deferred <br /> payment promissory note and deed of trust) or"equity"will be divided 50150 between <br /> the Seller of the Property and the County. <br /> c. In the event that Net Sales Proceeds are insufficient to repay the County Funds, <br /> including principal plus interest, the amount to be recaptured shall be any funds <br /> remaining after payment of all senior non-County debt and closing costs. In no event <br /> shall the borrower be required to use funds other than net proceeds to repay the County <br /> Funds. <br /> d. The recapture provisions shall remain in effect following the expiration of the HOME <br /> Affordability period until the expiration of the full affordability period—99 years. <br /> C. Owner covenants that it will not knowingly take or permit any action that would result in a <br /> violation of the affordability requirements of Orange County or of the HOME Investment <br /> Partnership Program. Orange County, together with Owner, may execute and record any <br /> amendment or modification of this Declaration and such amendment or modification shall be <br /> binding on third parties granted rights under this Declaration. <br /> D. 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 HOME Investment Partnership Program, AND BY <br /> REASON THEREOF, OWNER, IN CONSIDERATION FOR RECEIVING HOME <br /> INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY, HEREBY <br /> AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE ENTITLED, FOR <br /> ANY BREACH OF THE PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER <br /> REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE BY SPECIFIC <br /> PERFORMANCE OWNER'S OBLIGATIONS UNDER THIS DECLARATION IN A <br /> STATE COURT OF COMPETENT JURISDICTION, WITH VENUE IN ORANGE <br /> COUNTY. Owner hereby further specifically acknowledges that the beneficiaries of Owner's <br /> obligations hereunder cannot be adequately compensated by monetary damages in the event of <br /> any default hereunder. <br /> E. 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 6 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 /> 22 <br />