Orange County NC Website
Browse       Search
at the time of the recording of the notice of preservation. It is the intent of this Section of <br />this Agreement that the 99 year affordability requirement contained herein be <br />accomplished and that OCHLT and the County will do what is necessary to ensure that <br />the same is not extinguished by the Real Property Marketable Title Act or any <br />comparable law purporting to extinguish, by the passage of time, non possessory <br />interests in real property. OCHLT and the County agree to do what each must do to <br />accomplish the 99 year affordability requirement. <br />6. Resale Provisions. OCHLT shall assure compliance with long term affordability of <br />assisted housing units as provided for in the Ground Lease, which Ground Lease shall, as <br />to resale provisions, remain in substantially the form of the current version of the <br />Ground Lease, a copy of which is an exhibit to the Declaration of Restrictive Covenants, <br />for at least 99 years. <br />7. Miscellaneous Provisions. <br />a. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all dwelling units purchased under this <br />Agreement. It is the County's intention that the full public benefit of the Project shall be <br />completed under the auspices of OCHLT for the assisted housing units as follows: <br />i. In the event that OCHLT is unable to proceed with any aspect of the Project in a <br />timely manner, and County and OCHLT determine that reasonable extension(s) for <br />completion will not remedy the situation, then OCHLT will retain responsibility for <br />requirements for any dwelling units assisted and County will make no further <br />payments to OCHLT. <br />ii. In the event that OCHLT, prior to the contract completion date, is unable to continue <br />to function due to, but, not limited to, dissolution or insolvency of the organization, <br />its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or <br />fails to comply or perform with provisions of this agreement, then OCHLT shall, <br />upon the County's request, convey to the County the Property assisted with funds. <br />Conveyance shall be at the sole discretion of County and on a dwelling unit by <br />dwelling unit basis. <br />Conveyance shall be on the terms set forth herein: <br />Conveyance shall occur within thirty (30) days of County and OCHLT' agreement of <br />OCHLT' inability to continue as a viable organization. OCHLT shall convey the <br />Property to the County by general warranty deed, free and clear of all liens and <br />encumbrances of record except those which create a beneficial interest in County <br />(Declaration of Restrictive Covenants) and any other agreed to by County in writing. <br />b. Default, Remedies. This Agreement may be terminated by anon-defaulting <br />• party upon an event of default hereunder, after written notice thereof and thirty (30) days grace <br />period in which the defaulting party may act to cure. As used herein, the term "an event of <br />4 <br />