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<br />3 <br /> <br />or involuntary or by operation of law shall be subject to the provisions of SECTION 4 <br />of this Declaration. <br /> <br />D. Owner will, at the time of execution, delivery and recording of this Declaration, have good <br />and marketable title to the Properties, free and clear of any lien or encumbrance (except <br />encumbrances created pursuant to this Declaration or other permitted encumbrances). <br /> <br />E. Owner warrants that it has not and will not execute any other declaration with provisions <br />contradictory to, or in opposition to, the provisions hereof, and that in any event, the <br />requirements of this Declaration are paramount and controlling as to the rights and <br />obligations herein set forth and supersede any other requirements in conflict herewith. <br /> <br />SECTION 2 TERM OF DECLARATION <br /> <br />This Declaration and the Terms of Affordability, specified herein, apply to the Property <br />immediately upon recordation and Owner shall comply with all restrictive covenants herein. This <br />declaration shall terminate ninety-nine (99) years after Project Completion, unless Orange County <br />Long-Term Affordability Policy restrictions are terminated due to the sale of the Property to a non- <br />qualified buyer as provided herein and Orange County agrees to the termination of the Declaration. <br /> <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND <br /> <br />A. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of <br />Orange County. <br /> <br />B. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br />Project during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br />transfer of the Properties (1) shall be and are covenants running with the land, encumbering <br />the Properties for the term of this declaration, binding upon Owner's successors in title and <br />all subsequent Owners of the Properties; (2) are not merely personal covenants of Owner; <br />and (3) shall bind Owner (and the benefits shall inure to Orange County and any past, <br />present or prospective owner of the Properties) and its respective successors and assigns <br />during the term of this Declaration. Owner hereby agrees that any and all requirements or <br />privileges of estate are intended to be satisfied, or in the alternate, that an equitable <br />servitude has been created to insure that these restrictions run with the Properties. For the <br />term of this Declaration, each and every contract, deed or other instrument hereafter <br />executed conveying the Properties or portion thereof shall expressly provide that such <br />conveyance is subject to this Declaration, provided, however, the covenants contained <br />herein shall survive and be effective regardless of whether such contracts, deed, or other <br />instrument hereafter executed conveying the Properties or portion thereof provides that <br />such conveyance is subject to this Declaration. It is further the responsibility of Owner to <br />rerecord the Declaration of Restrictive Covenants periodically and no less often than one <br />day less than every 30 years from the date hereof for the purpose of renewing the rights of <br />first refusal in the Properties or portion thereof including any leasehold interest in the <br />DocuSign Envelope ID: 8C0299D2-0578-4D1C-BF2F-2064EE2D4392