2008-121 Housing - HOME Program Grant Agreement between Orange Co & Community Home Trust Inc $35000

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Exhibit B Prepared by and return to: Annette Moore, Orange County Attorney's Office: P.O. Box 8181; Hillsborough, NC 27278 DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated by Community Home Trust, Inc, and its successors and assigns (Owner), is given as a condition precedent to the award of Federal HOME Investment Partnership Program funds by Orange County, North Carolina, a body politic and corporate, a political subdivision of the State of North Carolina, (hereafter "the County") together with any successor to its rights, duties, and obligations. RECITALS: WHEREAS, the Orange County HOME Consortium has designated $35,000 in FY 2004 HOME funds and $65,000 in FY 2008 HOME funds for the purpose of homeownership assistance for first-time homebuyers to purchase dwelling units located at 107 and 111 Crest Street in the Town of Carrboro hereafter referred to as the "Project" or the "project dwelling unit(s)"; and the Project dwelling units are located on properties more particularly described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated July 1, 2008 and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. sec .) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, Community Home Trust (CHT) is a designated Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart A, Section 92.2 12