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occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br />at least one year prior to the home purchase; <br /> <br />WHEREAS, notwithstanding any provision of this Agreement, the County and the <br />HOME Awardee hereto agree and acknowledge that this Agreement does not constitute a <br />commitment of funds or site approval, and that such commitment of funds or approval may <br />occur only upon satisfactory completion of an environmental review and receipt by Orange <br />County of a Release of Funds from the U.S. Department of Housing and Urban Development <br />under 24 CFR Part § 58 if applicable. The parties further agree that the provision of such funds <br />to the project is conditioned on Orange County’s determination to proceed with, modify, or <br />cancel the project based on the results of a subsequent environmental review. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br /> <br />I. USE OF HOME FUNDS/SUBSIDY TYPE <br /> <br />A. The HOME Awardee shall perform the projects or tasks related to its allocation <br />of HOME funds as provided in this Agreement, Exhibit A, Scope of Services, <br />Exhibit B, Proposed Budget and Source of Funds and the Declaration of <br />Restrictive Covenants the form of which is attached as Exhibit C. All Exhibits, <br />attachments and addendums annexed hereto or referred to herein are hereby <br />incorporated into and made a part of this Agreement as if set forth herein, as it <br />now reads or as it may be modified by the Parties. <br /> <br />B. The HOME Awardee may not request disbursement of funds under this <br />Agreement until the funds are needed for payment of eligible costs. The amount <br />of each request must be limited to eligible costs as determined by Orange County <br />staff. <br /> <br />C. Said funds shall be disbursed by check payable to the HOME Awardee. <br /> <br />D. HOME funds will be a fixed subsidy provided in the form of a deferred loan. <br /> <br />E. Any program income received by the HOME Awardee (e.g., repayment of the <br />second mortgage loan by the homebuyer) is to be remitted to the County. <br /> <br />II. AMOUNT OF HOME FUNDS/LOAN TERMS <br /> <br />A. The County shall make available to the HOME Awardee up to One Hundred <br />and Sixty-Seven Thousand Two Hundred and Firty-One Dollars ($167,241) <br />at an interest rate of zero percent (0%) pursuant to this Agreement. <br /> <br />1.The funding provided by the County will be provided as a fixed subsidy <br />in the form of a deferred second mortgage to the individual families at the <br />time of sale of the Property to them. The investment will be secured by a <br />forty (40) year Deed of Trust (Exhibit D) and Promissory Note (Exhibit <br />E) forgivable at the end of forty (40) years. <br /> <br />Docusign Envelope ID: 9307EECF-67A0-42F5-A601-DB137FFD8FA3