2008-034 Housing - Orange Community Housing and Land Trust Inc

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• SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND a. OCHLT shall cause this declaration and all amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange County upon its execution. OCHI,T shall pay all fees and chazges incurred in connection therewith. b. OCHLT intends, declazes and covenants, on behalf of itself and all future owners of the Property during the term of this Declaration, that this Declaration and the covenants and restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer of the Property (1) shall be and aze covenants n~nn;ng with the land, encumbering the Property for the term of this Declazation, binding upon all present and future owners of the Property; (2) are not personal covenants of Declarant; and (3) shall bind all present and future owners (and the benefits shall inure to the County and any prospective owner of the Property) and its respective successors and assigns during the term of this Declazation. For the term of this Declazation, each and every contract, lease, deed or other instrument hereafter executed conveying the Properly or portion thereof shall expressly provide that such conveyance is subject to this Declaration, provided, however, the covenants contained herein shall survive and be effective regardless of whether such contract, lease, deed, or other instrument hereafter executed conveying the Property or portion thereof provides that such conveyance is subject to this Declaration. It is further the responsibility of OCHLT to rerecord this Declaration periodically and no less often than one day • less than every 30 yeazs from the date hereof for the purpose of renewing the rights of first refusal in the Properly or portion thereof including any leasehold interest in the Properly or portion thereof. The County retains the right to, periodically and every 30 yeazs after the first recording of the Ground Lease created in Exhibit C hereof, register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided in North Cazolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Section 3 of this Declazation that the 99 yeaz duration of this Declazation of Restrictive Covenants be accomplished and that any future owner of the Property, OCHLT and Orange County will do what is necessary. to ensure that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of time, preemptive rights in the Properly and by the Real Property Marketable Title Act or any compazable law purporting to extinguish, by the passage of time, non possessory interests in real properly. Any future owner of the Property, OCHLT and Orange County will to do what each must do to accomplish the ,99 year duration of this Declazation of Restrictive Covenants. SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS a. At the time of resale of the project dwelling unit, OCHLT will convey a housing unit to qualified homebuyer. Each housing unit will consist of a 99 yeaz Ground Lease (renewable for an additiona199 yeazs) to the project dwelling unit. The Ground Lease, the form of which is Exhibit C hereto, provides for the long term affordability (at least 99 yeazs) of the housing unit and • provides remedies to insure the long term affordability of the housing unit. OCHLT hereby declazes and covenants, on behalf of itself and all future owners of the Property, that, during the 13