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z <br />FINANCIAL IMPACT: The County will experience no direct financial impact as a result of this <br />action. Because the County is the "grantee' for the HMGP, SARF, and related grant funding <br />programs, the County is a party to the subordination agreement. If the homeowners were to <br />sell their replacement home before they have lived there ten years, they would repay to Orange <br />County all or some portion of the SARF funds, which might in turn then need to be repaid to the <br />original grantor, <br />RECOMMENDATION(S): The Manager recommends that the Board approve the <br />subordination agreement in substantially the attached form and authorize the Chair to sign it, <br />