2021-290-Housing-Inter-church Council Housing Corporation

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sixty percent (60%) of the HUD area median income (hereinafter, the “Project dwelling units”). The Project is located on property more particularly described in Exhibit A, Legal Description (hereinafter, the “Property”), attached hereto and made a part of this Agreement. All Exhibits attached to this Agreement are hereby made a part of this Agreement and are incorporated into this Agreement, as it now reads or as it may be modified by the parties; and WHEREAS, notwithstanding any provision of this Agreement, the County and InChuCo hereby agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an applicable environmental review. The parties further agree that the provision of such funds to the project is conditioned on the County’s determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review; and WHEREAS, InChuCo, as a condition precedent of the awarding of funds, shall execute, deliver and record this Declaration in the Office of the Register of Deeds of Orange County in order to create certain covenants pertaining to the Property and running with the land for the purpose of enforcement of the affordability requirements and agreeing to the terms of the Affordable Housing Bond Development Agreement dated May 27, 2021 which is incorporated by reference herein, between the County and InChuCo. A copy of the Affordable Housing Bond Development Agreement (hereinafter, “DEVELOPMENT AGREEMENT”) is on file with the Office of the Clerk to the Orange County Board of County Commissioners. NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth and of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and are covenants pertaining to the Property and running with the land for the term stated herein and are binding upon all subsequent owners of the Property and for such term, except as specifically provided herein, and are not merely personal covenants of Owner. SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER Owner hereby represents, covenants and warrants as follows: A. It is contemplated that the Property and the Project will be used, during the ninety-nine (99) years after Project Completion (defined as the completion of the Project described in the DEVELOPMENT AGREEMENT). B. In the event Owner sells, transfers or exchanges the Property or any portion of the Property, the following shall pertain: 1. Subject to the requirements of the DEVELOPMENT AGREEMENT, Owner may sell, transfer, or exchange the Property to a non-profit fund, foundation, or corporation of like purpose which is organized and operated exclusively for charitable and educational purposes and which has established its tax exempt status under Section 501 (c)(3) of the Internal Revenue Code, or to Orange County; provided, however, Owner shall obtain the written agreement, in form satisfactory to Orange County, of any buyer or DocuSign Envelope ID: D9F5DB48-6B35-4950-A760-8532DDEBD76E