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

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Ground Lease to a qualified buyer of the Project dwelling unit. In the event that OCHI,T 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 the Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. OCHLT may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or declaze OCHI,T in default. OCHLT shall monitor the housing unit for affordability for the period of affordability - ninety-nine (99) years and, if renewed, an additional ninety-nine years. Final contract completion date shall be the end date of the last affordability period. 5. Affordability Requirement. Each housing unit must remain affordable for a period of ninety-nine years. OCHLT retains full responsibility for compliance with the affordability requirement for the assisted housing unit. OCHLT shall assure compliance with affordability of the assisted housing unit by having recorded, no later than the time it leases the project dwelling unit, a "Declazation of Restrictive Covenants" (Exhibit A) on the Property. This Declaration shall constitute and remain a first lien on the Property during the period of affordability, unless otherwise provided by law or unless otherwise agreed by County. It is further the responsibility of OCHLT to rerecord the Declaration of • Restrictive Covenants no later than one day before the expiration of 30 years of the date of its lease of the project dwelling unit. The County retains the right to periodically and every 30 yeazs after the first recording of the Declazation of Restrictive Covenants to 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 § 4713-4 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 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 Mazketable Title Act or any compazable law purporting to extinguish, by the passage of time, non possessory interests in real property. OCHI,T and the County agree to do what each must do to accomplish the 99 yeaz affordability requirement. 6. Miscellaneous Provisions. a. Termination of Agreement. The full benefit of the Project will be realized only after the completion of the affordability period for the project dwelling unit 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 3