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-/Y -P/F "54� <br />NORTH CAROLINA <br />ORANGE COUNTY DEVELOPMENT AGREEMENT <br />This is an AGREEMENT ADMENDMENT between ORANGE COUNTY, a general <br />local governmental unit of the State of North Carolina, (hereinafter referred to as the <br />"County ") and EmPOWERment, Inc., a North Carolina nonprofit corporation (hereinafter <br />referred to as "EmPOWERment "). The date of this Agreement is January 19, 1999. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has expended $16,000 in FY <br />1992 HOME funds for the purpose of acquiring the property more particularly described in <br />Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the <br />"Property "); and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated August 27, 1992, and amended January 26, 1993, and <br />July 28, 1993, and as such is the lead entity in a representative capacity for all members of <br />the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br />accordance with the Title II of the Cranston - Gonzalez National Affordable Housing Act <br />(Pub. L. 101 -625), (42 U.S.C. 3535(d.) et. sec..) (hereinafter referred to as the "Act "), and <br />as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, EmPOWERment intends to develop the Property for the purpose of <br />constructing homeownership opportunities for first -time homebuyers. <br />WHERAS, the County entered into a Development Agreement with <br />EmPOWERment, Inc. on November 18,1997; <br />NOW, THEREFORE, the County and EmPowerment agree that Paragraph 2 is <br />amended to read as follows: <br />1. EmPOWERment agrees to accept conveyance of the Property and then to <br />market the Property, construct a single family home on the Property for the <br />selected buyer and complete the sale of the Property to the selected buyer on or <br />before June 30, 1999. The sales price of the Property to the selected buyer shall <br />not exceed the North Carolina Housing Financing Agency maximum new home <br />sales price in effect at the time of the sale to the selected buyer. <br />