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~J <br />Intent to Sell shall be accompanied by a copy of a completed, fully executed bona fide <br />offer to purchase the Property on the then current North Carolina Bar Association "Offer <br />to Purchase and Contract" form. If Orange County and/or the sponsoring non-profit <br />organizations elects to exercise its said right of refusal, it shall notify the Buyer of its <br />election to purchase within 30 days of its receipt of the Notice and shall purchase the <br />Property or portion thereof within 90 days of the receipt of the "Notice of Intent to Sell." <br />As between the County and the sponsoring non-profit organization, if both wish to and <br />have the means to exercise the right of first refusal, the sponsoring non-profit <br />organization shall have priority. <br />If neither Orange County nor the sponsoring non-profit organization advise the Buyer in <br />a timely fashion of an intent to purchase the Property, then the Buyer shall be free to <br />Transfer the property in accordance with this Section. <br />B. Equity Sharing <br />All financial contributions provided by the County will be provided as a deferred <br />second loan secured by a forty (40) year Deed of Trust and Promissory Note, <br />forgivable at the end of 40 years. This Deed of Trust and Promissory Note shall <br />constitute a lien on the Property; subordinate only to private construction financing or <br />• permanent first mortgage financing. <br />The penod of affordability will be 99 years and each individual housing unit will be <br />secured by a declaration of Restrictive Covenants that will incorporate a right of first <br />refusal that maybe exercised by a sponsoring non-profit organization and/or Orange <br />County. <br />The non-profit organization and/or the County as applicable retains full responsibility <br />of compliance with the affordability requirement for assisted units throughout the <br />term of affordability, unless affordability restrictions are terminated due to the sale of <br />the Property to anon-qualified buyer. <br />If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of their <br />interest in the Property only to a qualified homebuyer, i.e., aloes-income household, <br />one whose combined income does not exceed 80% of the area median household <br />income by family size, as determined by the U.S. Department of Housing and Urban <br />Development at the time of the transfer, to use as their principal residence. <br />3 <br />• <br />