Agenda - 01-18-2000 - 9f - Laserfiche WebLink

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DRAFT dispose of its interest in the Improvement only to a low-income household, one whose combined income does not exceed 80% of the median household income as determined annually by HUD, to use as their principal residence. 5.2 The original buyer shall receive a fair return on investment (including the buyer's investment and any capital investment). 5.3 The resale provision shall remain in effect for the full affordability period - 99 years. 6. Miscellaneous Provisions. 18 a. Termination of Agreement. The full benefit of the Scarlette project will be realized only after the completion of the affordability periods for all properties constructed with funds provide affordable units to low-income families. It is the County's intention that the full public benefit of this project shall be completed under the auspices of OCHC for the assisted units as follows: i. In the event that OCHC is unable to proceed with any aspect of the Scarlette Drive project in a timely manner, and County and OCHC determine that reasonable extension(s) for completion will not remedy the situation, then OCHC will retain responsibility for requirements for any units assisted and County will make no further payments to OCHC. ii. In the event that OCHC, prior to the close of the final affordability period, is unable to continue to function due to, but, not limited to, closure or insolvency of the organization, filing a petition of bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement as required by federal regulations, then OCHC shall, upon the County's request, convey to the County the properties assisted with funds and included in the CLT. Conveyance shall be at the sole discretion of County and on a property by property basis. Conveyance of properties shall be on the terms set forth herein: Conveyance of properties shall occur within thirty (30) days of County and OCHC's agreement of OCHC's inability to continue as a viable organization. OCHC shall convey the subject properties to County by statutory warranty deed, free and clear of all liens and encumbrances of record. b. Default, Remedies. This Agreement may be terminated by a non-defaulting party upon an event of default hereunder, after written notice thereof and thirty (30) days grace period in which the defaulting party may act to cure. As used herein, the term "an event of default" shall mean and refer to a failure or act of omission by either party with respect to any undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to any event of default, the non-defaulting party may exercise any right available to it at law or in equity with respect to such default. 22