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6 <br />4.2 However, if the property is not sold, transferred, or otherwise disposed to an <br />agency with similar interest in affordable housing during the term of affordability, <br />the Right of First Refiisal provision of the County's Long-Term Housing <br />Affordability Policy must be followed and the net sales proceeds (sales price less: <br />(1) selling cost, (2) the unpaid principal amount of the original first mortgage and <br />(3) the unpaid principal amount of the initial County contribution and any other <br />initial government contribution secured by a deferred payment promissory note <br />and deed of trust) or "equity" will be divided 50/50 by the seller of the Property <br />and the County. <br />4.3 The resale provision shall remain in effect for the full affordability period - 99 <br />years. <br />5. Miscellaneous Provisions. <br />a.. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all properties constructed with funds provide <br />affordable unit to low-income families, It is the County's intention that the full public benefit of <br />this project shall be completed under the auspices of the Town for the assisted unit as follows: <br />i. In the event that the Town is unable to proceed with any aspect of the Project in a <br />timely manner, and County and the Town determine that reasonable extension(s) for <br />completion will not remedy the situation, then the Town will retain responsibility for <br />requirements for any dwelling unit assisted and County will make no further <br />payments to the Town. <br />ii. In the event that the Town, prior to the contract completion date, is unable to continue <br />to function due to, but, not limited to, dissolution or insolvency of the organization, <br />its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or <br />fails to comply or perform with provisions of this agreement, then the Town shall, <br />upon the County's request, convey to the County the properties assisted with funds. <br />Conveyance shall be at the sole discretion of County and on a dwelling unit by <br />dwelling unit basis,. <br />Conveyance of properties shall be on the terms set forth herein: <br />Conveyance of properties shall occur within thirty (30) days of County and the <br />Town's agreement of the Town's inability to continue as a viable organization. The <br />Town shall convey the subject properties to the County by general warranty deed, free <br />and clear of all liens and encumbrances of record except those which create a <br />beneficial interest in County (Declaration of Restrictive Covenants and Deed of <br />Trust). <br />b. Default, Remedies. This Agreement may be terminated by a non-defaulting party <br />upon an event of default hereunder, after written notice thereof and thirty (30) days grace period