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DRAFT <br />13 <br />of assisted units by recording Exhibit C "Declaration of Restrictive Covenants" on every <br />assisted property. <br />5. Resale Provisions. Habitat shall assure compliance with affordability of assisted units <br />through the Declaration of Restrictive. Covenants. The Declaration of Restrictive <br />Covenants shall include at least the following elements in their resale provisions for the <br />Improvements: <br />5.1 If the original buyer no longer uses the Improvement as a principal residence or <br />is unable to continue ownership, then the buyer must sell, transfer, or otherwise <br />dispose of its interest in the Improvement only to a low-income household, one <br />whose combined income does not exceed 80% of the median household income <br />as determined annually by HUD, to use as their principal residence. <br />5.2 The original buyer shall receive a fair return on investment (including the <br />buyer's investment and any capital investment). <br />5.3 The resale provision shall remain in effect for the full affordability period - 99 <br />years. <br />6. Miscellaneous Provisions. <br />a. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all properties constructed with funds provide <br />affordable units to -low-income families. It is the County's intention that the full public benefit of <br />this project shall be completed under the auspices of Habitat for the assisted units as follows: <br />i. In the event that Habitat is unable to proceed with any aspect of the Project in a <br />timely manner, and County and Habitat determine that reasonable extension(s) for <br />completion will not remedy the situation, then Habitat will retain responsibility for <br />requirements for any units assisted and County will make no further payments to <br />Habitat. <br />ii. In the event that Habitat, prior to the close of the final affordability period, is unable <br />to continue to function due to, but, not limited to, closure or insolvency of the <br />organization, filing a petition of bankruptcy or similar proceedings, or is adjudged <br />bankrupt or fails to comply or perform with provisions of this agreement as required <br />by federal regulations, then Habitat shall, upon the County's request, convey to the <br />County the properties assisted with funds. Conveyance shall be at the sole discretion <br />of County and on a property by property basis. <br />Conveyance of properties shall be on the terms set forth herein: <br />Conveyance of properties shall occur within thirty (30) days of County and Habitat's <br />agreement of Habitat's inability to continue as a viable organization. Habitat shall <br />convey the subject properties to County by statutory warranty deed, free and clear of <br />11I