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<br />21 <br /> <br /> <br />b. However, if the property is sold during the term of affordability, the Right of First <br />Refusal provision of the New and Existing First-Time Homebuyer Program portion of <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 50/50 between <br />the Seller of the Property and the County. <br /> <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 /> <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 /> <br />B. Owner covenants that it will not knowingly take or permit any action th at 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 /> <br />C. 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 ORANGE <br />COUNTY AFFORDABLE HOUSING BOND FUNDS AND HOME INVESTMENT <br />PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY, HEREBY AGREES AND <br />CONSENTS THAT ORANGE COUNTY SHALL BE ENTITLED, FOR ANY BREACH OF <br />THE PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER REMEDIES <br />PROVIDED BY LAW OR IN EQUITY, TO ENFORCE BY SPECIFIC PERFORMANCE <br />OWNER’S OBLIGATIONS UNDER THIS DECLARATION IN A STATE COURT OF <br />COMPETENT JURISDICTION, WITH VENUE IN ORANGE COUNTY. Owner hereby <br />further specifically acknowledges that the beneficiaries of Owner's obligations hereunder <br />cannot be adequately compensated by monetary damages in the event of any default hereunder. <br /> <br />D. 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 against <br />any person or persons violating or attempting to violate any covenant. If legal costs are incurred <br />by Orange County, such legal costs, including attorney fees and court costs (including costs of <br />appeal), are the responsibility of, and may be recovered from the Owner. <br /> <br /> <br /> <br />DocuSign Envelope ID: 48DDB7F3-249B-44E9-A965-4AB2E5C0F864