2022-343-E-Housing-EmPowerment Agreement-Orange County home investment partnership funds

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WHEREAS, notwithstanding any provision of this Agreement, the County and the Owner hereto 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 environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is conditioned on Orange County’s determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. WHEREAS, Orange County requires and Owner agrees to the requirement, as a condition precedent to the awarding of Orange County HOME Investment Partnership Program funds, that Owner 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 of the Orange County HOME Investment Partnership Program and the County’s Long-Term Affordability Policy. 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 Properties and the Project will be used throughout the ninety- nine (99) years after Project Completion (defined as the Property acquired, rehabilitated (if necessary) and leased by a low-income household(s) earning less than 60% of HUD area median income). B. In the event Owner sells, transfers or exchanges the Property or any portion of the Properties, the following shall pertain: C. In the event Owner sells, transfers or exchanges the Property or any portion of the Property, the following shall pertain: 1. During the HOME Affordability Period of fifteen (15) years, and subject to the requirements of the DEVELOPMENT AGREEMENT between Owner and County dated _________, which is hereby incorporated by reference and made a part of this Declaration, and the HOME Investment Partnership Program and this Declaration, Owner may sell, transfer, or exchange the Property to a qualified low-income buyer; provided, however, Owner shall obtain the written agreement, in form satisfactory to Orange County, of any buyer or successor or other person acquiring the Property or DocuSign Envelope ID: 48DDB7F3-249B-44E9-A965-4AB2E5C0F864