S Housing - Development Agreement Orange Co and Affordable Rentals Ins $140,000

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"Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, Orange Community Housing and Land Trust (OCHLT) is a designated Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart A, Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first- time homebuyers; and WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any household earning up to 80% of HUD area median income that has not owned a home within the past three (3) years including households living in manufactured housing not permanently affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation; and WHEREAS, OCHLT intends to make them available for lease, as described herein, to families earning up to 80% of HUD area median income as described in the OCHLT HOME Program Application dated February 27, 2007, which Application is incorporated by reference into this Agreement. The February 27, 2007 HOME Program Application is on file in the office of the Orange County Department of Housing and Community Development. WHEREAS, as particularly described herein, the Property will be held by OCHLT, ensuring affordability of the project dwelling unit for at least 99 years; and WHEREAS, OCHLT has signed this Declaration agreeing to the terms of this Declaration, its obligations pursuant to this Declaration and agreeing to the terms of the Development Agreement between the County and OCHLT of even date; and NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER OCHLT hereby represents, covenants and warrants as follows: a. Subject to the requirements of the GRANT AGREEMENT, an unsigned copy of which is Exhibit B hereto, and this Declaration, OCHLT may sell, transfer, or exchange the Property to anon-profit fund, foundation, or corporation of like purpose which is organized and operated exclusively for charitable and educational purposes and which has established its tax exempt status under Section 501(c)(3) of the Internal Revenue Code, or to the County, but Owner shall notify in writing and obtain the agreement of any buyer or successor or other person acquiring the Property or any interest therein, that such acquisition is subject to the requirements of this Declaration and to the requirements of the GRANT AGREEMENT and the Federal HOME Investment Partnership Program. OCHLT agrees that County may void any sale, transfer, or exchange of the Property or any portion of the Property if the buyer or successor or other person fails to assume in writing the requirements of this Declaration and the requirements of the GRANT AGREEMENT. 12