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15 <br /> If neither Orange County nor the sponsoring non-profit orgmivtian advises the Buyer in <br /> a timely motion' of an inimt to purchase the Property, then the Buyer shall be free to <br /> Transfer the properly in accordance with the Equity Sharing subsection of this policy. <br /> C. Equity Sharing <br /> All financial contributions provided by the County will be provided as a de&emd <br /> second loan secured by a forty (40) year Deed of Ernst and Promissory Note, forgivable <br /> a the end of 40 years. Tbis Decd of Trust and Promissory Note shall constitute a lira on <br /> Ilia Property; subordinate only to private construction fimucing or permanent first <br /> mortgage Snandng. <br /> The 99 year period of alienability for each individual homing unit will be <br /> secured by a doclaredon of restrictive covenants that will incorporate a fight of first <br /> remand that may be exercised by a sponsoring van-profit orpubmation and/or Orange <br /> County. This declaration of msttictive covenants will be further secured by a dead of <br /> cost. <br /> The non-profit organization and/or the County as applicable reUws full <br /> responsibility for compliance with the affordability requirement for assisted courts <br /> tbrougheot the terms of affordability,uralws affordability restrictions are terminated due to <br /> the sale of the Property to a von-qua died buyer. <br /> If the buyer no longer uses the Property as a principal residence or is unable to <br /> continue ownership, tom the buyer must sell, trausfer, At otherwise dispose of their <br /> interest in due property only to a qualified homcbuyer.i.e., a low-income household one <br /> whose combined income does rot ceased 80% of the area median household income by <br /> family size,as determined by the U.S. Department of Housing and Urban Development a <br /> the time of the transfer,to use as then principal residence. <br /> However,if the property is sold during the tan ofaffordability to a von-qualified <br /> homeb mar on be used as them principal reeidwce,the net sales proceeds(aides price lees: <br /> 1) selling cost, 2) the unpaid principal amount of the original first mortgage seat 3) the <br /> unpaid principal smoant of the initial County contribution and any other initial <br /> isma wemt contribution secured by a deferred payment promisttrcy time and deed of <br /> must) or`equity" will be divided 51150 by the seller of the property and the Cowry. If <br /> the initial County contribution does not have to be repaid because are sale occurs more <br /> than ferry yearn alter the County contribution is made,then the seller of the Property and <br /> Ed County will divide the eutire equity realized from the sale. <br /> Any proceeds men the recapture of birds under this provision will be used m <br /> facilitate the acquisitim-construction.and/orrehabJifation of housing fm dseputpoaca of <br /> promoting affordable hosing. <br />