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<br />NORTH CAROLINA <br />ORANGE COUNTY <br />AM~ND:NI~NT TG D:~VFLOPNIENT AGR~~MENT <br />This is an amendment to the (]c~ober 25, 2044 AG~~MENT ~"the Development <br />Agreement"} between GRANGE C(IUNTY, a general local governmental unit of the State of <br />North Carolina, thereinafter referred to as "County" ar "the County"} and EmP[lwERment, <br />Inc., a North Carolina nonprofit housing organization thereinafter referred to as <br />"EmPOwER,n~.ent"} and URANGE CU.~i.1~1VIUNITY I~(lUSING AND LAND TRUST, a North <br />Carolina non-prof ~t housing organization thereinafter referred to as "OCHLT"}. The effective <br />date of this amendment is <br />wITNESSET~I <br />w:13ER1~',AS, the County and E~~nPOwERment and OCHLT entered into a Development <br />Agreement dated October 2S, 2004 for construction of three ~3} homes, one each at 229 & 23 <br />N. Graham Street and Sa3 Sykes Street in Chapel Hi11 for sale to first-time homebuyers; and <br />w~HF,R:EAS, lEnaPOw:l~R.ament and OC13LT has requested that the income limits of <br />eligible homebuyers in the original Agreement be increased due to a rising house prices and a <br />stagnant area median income; <br />NO~w, THEREFORE, in consideration of the mutual covenants, promises and <br />representations contained herein, it is agreed between the parties hereto that all of the terms and <br />conditions of the Development Agreement are herein reaff rmed and incorporated herein by <br />reference and amended as follows: <br />Paragraph 3 of the Recitals of the Development Agreement is rewritten to read as <br />follows: <br />w~ER.I~AS, I~mPOwLRment proposes to construct three ~3~ homes, one each at 229 ~ <br />231 N. Graham Street and Sa3 Sykes Street in Chapel Bill, hereinafter referred to as the <br />Property, for first-time homebuyers earning less than SO% was 60%} of the HUD area <br />median income; and <br />