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4892-4116-9314, v. 6 <br />N/A <br /> <br />IV. TIMELINESS <br /> <br />Community Housing Partners shall cause the Owner to complete the Project by May 1, 2026. <br />However, in the event of any alterations or addition or circumstances beyond the control of <br />Community Housing Partners and Owner, which in the reasonable opinion of the Director of <br />the County’s Department of Housing and Community Development Department will require <br />additional time for completion of the Project, then in that case, the time of completion shall be <br />extended by the County Manager in writing for a period of time not to exceed six (6) months. <br />Any further extension will require the approval of the Orange County Board of County <br />Commissioners. <br /> <br />V. DURATION OF THE AGREEMENT <br /> <br />This Agreement will remain in effect for the Period of Affordability as provided in Section VI, <br />Affordability Requirements, the term of which is ninety-nine (99) years from proper recording <br />of the Orange County Declaration of Restrictive Covenants in the Orange County Registry. <br /> <br />VI. AFFORDABILITY REQUIREMENTS <br /> <br />A. Community Housing Partners agrees that, upon completion of vertical construction of <br />the affordable housing units on the Property (hereinafter, “the Project dwelling units”), <br />the Project dwelling units located on the Property shall be leased to households whose <br />income is between less than 30% and no more than 80% of the HUD area median <br />income by family size, throughout the 99 year Period of Affordability. The Area <br />Median Income by family size is determined by the U.S. Department of Housing and <br />Urban Development and amended from time to time. Residential leases shall not <br />exceed one year in term. <br /> <br />B. Community Housing Partners shall assure compliance with affordability of each of the <br />Project dwelling units on the Property by causing the Owner to record on the Property <br />a "Declaration of Restrictive Covenants," the form of which is attached hereto as <br />Exhibit D (hereinafter, “the Declaration”) on the Property. This Declaration shall <br />constitute and remain a first lien on the Property during the Period of Affordability, <br />subject to that RAD Use Agreement, that Declaration of Land Use Restrictive <br />Covenants for Low-Income Housing Tax Credits and other encumbrances approved by <br />the County. The Period of Affordability starts from the date of record ing of the <br />Declaration and continues for a period of ninety-nine years thereafter. The Declaration <br />shall constitute and remain a lien on the Project dwelling units during the Period of <br />Affordability. <br /> <br />C. Community Housing Partners agrees to the affordability requirements as provided <br />herein. <br /> <br />DocuSign Envelope ID: 6723EB43-5934-4E1A-A173-E46F70EADEBB