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A, Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first- <br />time homebuyers; and <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />household earning up to 80% of HUD area median income that has not owned a home within <br />the past three (3) yeazs including households living in manufactured housing not permanently <br />affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation; and <br />WHEREAS, OCHLT intends to acquire, demolish, and/or renovate dwelling units and <br />make them available for sale to families earning up to 80% of HUD area median income as <br />described in the OCHLT HOME Program Application dated February 24, 2005, which <br />Application is incorporated by reference into this Agreement. The February 24, 2005 HOME <br />Program Application is on file in the office of the Orange County Department of Housing and <br />Community Development. <br />WHEREAS, as particularly described herein, the Property will be held by OCHLT, <br />ensuring affordability of the homes for at least 99 years; and <br />WHEREAS, OCHLT has signed this Declaration agreeing to the terms of this <br />Declaration, its obligations pursuant to this Declaration and agreeing to the terms of the <br />Development Agreement between the County and OCHLT of even date; and <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br />OCHLT hereby represents, covenants and warrants as follows: <br />a. Subject to the requirements of the DEVELOPMENT AGREEMENT, an unsigned copy <br />of which is Exhibit A hereto, and this Declazation, OCHLT may sell, transfer, or exchange the <br />Property to a non-profit fund, foundation, or corporation of like purpose which is organized and <br />operated exclusively for charitable and educational purposes and which has established its tax <br />exempt status under Section 501(c)(3) of the Internal Revenue Code, or to the County, but <br />Owner shall notify in writing and obtain the agreement of any buyer or successor or other person <br />acquiring the Property or any interest therein, that such acquisition is subject to the requirements <br />of this Declaration and to the requirements of the DEVELOPMENT AGREEMENT and the <br />Federal HOME Investment Partnership Program. OCHLT agrees that County may void any sale, <br />transfer, or exchange of the Property or any portion of the Property if the buyer or successor or <br />other person fails to assume in writing the requirements of this Declaration and the requirements <br />of the DEVELOPMENT AGREEMENT. <br />b. Contemporaneously with the execution, delivery and recording of this Declazation, <br />OCHLT will acquire good and marketable title to the Property, free and clear of any lien or <br />12 <br />