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

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at the time of the recording of the notice of preservation. It is the intent of this Section of this Agreement that the 99 year affordability requirement contained herein be accomplished and that OCHLT and the County will do what is necessary to ensure that the same is not extinguished by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. OCHLT and the County agree to do what each must do to accomplish the 99 year affordability requirement. 6. Resale Provisions. OCHLT shall assure compliance with long term affordability of assisted housing units as provided for in the Ground Lease, which Ground Lease shall, as to resale provisions, remain in substantially the form of the current version of the Ground Lease, a copy of which is an exhibit to the Declaration of Restrictive Covenants, for at least 99 years. 7. Miscellaneous Provisions. a. Termination of Agreement. The full benefit of the Project will be realized only after the completion of the affordability periods for all dwelling units purchased under this Agreement. It is the County's intention that the full public benefit of the Project shall be completed under the auspices of OCHLT for the assisted housing units as follows: i. In the event that OCHLT is unable to proceed with any aspect of the Project in a timely manner, and County and OCHLT determine that reasonable extension(s) for completion will not remedy the situation, then OCHLT will retain responsibility for requirements for any dwelling units assisted and County will make no further payments to OCHLT. ii. In the event that OCHLT, prior to the contract completion date, is unable to continue to function due to, but, not limited to, dissolution or insolvency of the organization, its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement, then OCHLT shall, upon the County's request, convey to the County the Property assisted with funds. Conveyance shall be at the sole discretion of County and on a dwelling unit by dwelling unit basis. Conveyance shall be on the terms set forth herein: Conveyance shall occur within thirty (30) days of County and OCHLT' agreement of OCHLT' inability to continue as a viable organization. OCHLT shall convey the Property to the County by general warranty deed, free and clear of all liens and encumbrances of record except. those which create a beneficial interest in County (Declaration of Restrictive Covenants) and any other agreed to by County in writing. b. Default, .Remedies. This Agreement may be terminated by anon-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 4