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g. The Properly shall be acquired and the Project dwelling unit constructed, sold and <br />occupied by June 30, 2008. In the event that EmPOWERment is unable to complete its <br />obligations to acquire, construct, and occupy the Project dwelling unit within this time <br />or by extensions approved by the County under the terms of this Agreement, <br />EmPOWERment will be required to repay the full amount of the County's outstanding <br />loan as provided in the loan documents. <br />h. The Project dwelling unit must have a value that does not exceed 100% of its <br />appraised value. An independent, qualified appraiser must conduct the appraisal. <br />2. Affordability Requirement. The Project dwelling unit must remain affordable for a <br />period of ninety-nine years. EmPOWERment retains full responsibility for compliance <br />with the affordability requirement for the Project dwelling unit, unless affordability <br />restrictions are terminated due to the sale of the Property to anon-qualified buyer in <br />which event the Resale Provisions of Section 3 of this Agreement pertain. <br />EmPOWERment shall assure compliance with affordability of the Project dwelling unit <br />by having recorded a "Declaration of Restrictive Covenants" (EXHIBIT B) on the <br />Property. This Declaration shall constitute and remain a first lien on the Property during <br />the period of affordability. <br />It is further the responsibility of EmPOWERment to rerecord the Declaration of <br />Restrictive Covenants periodically and no less often than one day less than every 30 <br />years from the date hereof for the purpose of renewing the rights of first refusal in the <br />Property or portion thereof including any leasehold interest in the Property or portion <br />thereof. Orange County retains the right to, periodically and every 30 years after the first <br />recording of the Declaration of Restrictive Covenants on the Property to register, with <br />the Register of Deeds of Orange County, a notice of preservation of the Restrictive <br />Covenants on the Property as provided in North Carolina General Statute § 47B-4 or any <br />comparable preservation law in effect at the time of the recording of the notice of <br />preservation. It is the intent of this Agreement that the 99 year duration of this <br />Declaration of Restrictive Covenants be accomplished and that any future owner of the <br />Property, EmPOWERment, and Orange County will do what is necessary to ensure that <br />the same is not extinguished by N.C. Gen. Star. § 41-29 or any comparable law <br />purporting to extinguish, by the passage of time, preemptive rights in the Property and <br />by the Real Property Marketable Title Act or any comparable law purporting to <br />extinguish, by the passage of time, non possessory interests in real property. Any future <br />owner, EmPOWERment and Orange County agree to do what each must do to <br />accomplish the 99-year duration of this Declaration of Restrictive Covenants. <br />3. Resale Provisions. EmPOWERment shall assure compliance with affordability of <br />assisted units through the Declaration of Restrictive Covenants. The Declaration of <br />Restrictive Covenants shall include at least the following elements in their resale <br />provisions for the Improvements: <br />3.1 If the buyer no longer uses the Property as a principal residence or is unable to <br />