S Grant - Orange Community Housing and Land Trust Inc

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• WHEREAS, OCHLT has signed .this Declazation 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 WARRAN'T'IES OF OWNER OCHLT hereby represents, covenants and warrants as follows: a_ Subject to the requirements of the GR.AN"T AGREEMENT, an unsigned copy of which is Exhibit B hereto, and this Declazation, OCHLT may sell, transfer, or exchange the Property to a non-profit fiend, 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 Properly or any interest therein, that such acquisition is subject to the requirements of this Declazation and to the requirements of the GRANT AGREEMENT and the Orange County Affordable Housing Bond Program. OCHLT agrees that County may void any sale, transfer, or exchange of the Properly 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. b. Contemporaneously with the execution, delivery and recording of this Declaration, OCHLT will acquire good and marketable title to the Properly, free and clear of any lien or encumbrance (except encumbrances created pursuant to this Declaration or other encumbrances permitted by Orange County). c. OCHLT warrants that it will not accept title to the Property subject to and will not execute any other declaration with provisions contradictory to, or in opposition to, the provisions hereof, and that in any event, the requirements of this Declaration are pazamount and controlling as to the rights and obligations herein set forth and supersede any other requirements in conflict herewith. SECTION 2 TERM OF DECLARATION a. This Declaration (and the terms of affordability specified herein) applies to the Property immediately upon the recordation of this Declaration. OCHLT and all subsequent. owners of the Property shall comply with all covenants herein. This Declaration shall terminate ninety-nine yeazs after the Project completion date as specified in the GRANT AGREEMENT. 12