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<br />pertaining to the Property and running with the land for the term stated herein and are binding <br />upon all subsequent owners of the Property and for such term, except as specifically provided <br />herein, and are not merely personal covenants of Owner. <br /> <br />SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> <br />Owner hereby represents, covenants, and warrants as follows: <br /> <br />A. It is contemplated that the Properties and the Project will be used throughout the ninety- <br />nine (99) years after Project Completion (defined as the Property acquired, rehabilitated (if <br />necessary) and leased by a low-income household(s) earning between 30% - 60% of HUD <br />area median income). <br /> <br />B. In the event Owner sells, transfers, or exchanges the Property or any portion of the <br />Properties, the following shall pertain: <br /> <br />C. In the event Owner sells, transfers, or exchanges the Property or any portion of the <br />Property, the following shall pertain: <br /> <br />1. During the Affordability Period and subject to the requirements of the <br />DEVELOPMENT AGREEMENT between Owner and County dated _________, <br />which is hereby incorporated by reference and made a part of this Declaration, and the <br />HOME Investment Partnership Program and this Declaration, Owner may sell, transfer, <br />or exchange the Property to a qualified low-income buyer; provided, however, Owner <br />shall obtain the written agreement, in form satisfactory to Orange County, of any buyer <br />or successor or other person acquiring the Property or any interest therein, that such <br />acquisition is subject to the requirements of this Declaration and to the requirements of <br />the DEVELOPMENT AGREEMENT. Owner agrees that County may void any sale, <br />transfer, or exchange of the Property or any portion of this Property if the buyer or <br />successor or other person fails to assume in writing the requirements of this Declaration <br />and the requirements of the DEVELOPMENT AGREEMENT. A copy of the <br />DEVELOPMENT AGREEMENT is on file with the Office of the Clerk to the Orange <br />County Board of County Commissioners. Upon expiration of the Affordability Period <br />and prior to expiration of the ninety-nine (99) years from Project Completion, Owner <br />may sell, transfer, or exchange the Property to a Qualified Buyer as defined in the <br />County’s Long-Term Affordability Policy or to a non-profit fund, foundation, or <br />corporation of like purpose which is organized and operated exclusively for charitable <br />and educational purposes and which has established its tax exempt status under Section <br />501 (c)(3) of the Internal Revenue Code, or to Orange County; provided, however, <br />Owner shall obtain the written agreement, in form satisfactory to Orange County, of <br />any buyer or successor or other person acquiring the Property or any interest therein, <br />that such acquisition is subject to the requirements of this Declaration and to the <br />requirements of the County’s Long-Term Affordability Policy. <br /> <br />2. Any assignment, sale, transfer, conveyance or other disposition of the Property or any <br />part of the Property other than as described in subparagraph 1 above, whether voluntary <br />DocuSign Envelope ID: 8C0299D2-0578-4D1C-BF2F-2064EE2D4392