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CHT is still the owner of the housing unit at the time of the rerecording. County retains <br />the right to periodically and every 30 years after the first recording of the Declaration of <br />Restrictive Covenants to register, with the Register of Deeds of Orange County, a notice <br />of preservation of the restrictive covenants on the Property as provided in North Carolina <br />General Statute § 4713-4 or any comparable preservation law in effect at the time of the <br />recording of the notice of preservation. It is the intent of this Section of this Agreement <br />that the 99 year affordability requirement contained herein be accomplished and that <br />CHT and the County will do what is necessary to ensure that the same is not <br />extinguished by the Real Property Marketable Title Act or any comparable law <br />purporting to extinguish, by the passage of time, non possessory interests in real <br />property. CHT and the County agree to do what each must do to accomplish the 99 year <br />affordability requirement. <br />7. Resale Provisions. CHT 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 />8. 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 CHT for the assisted housing units as follows: <br />i. In the event that CHT is unable to proceed with any aspect of the Project in a timely <br />manner, and County and CHT determine that reasonable extension(s) for completion <br />will not remedy the situation, then CHT will retain responsibility for requirements <br />for any dwelling units assisted and County will make no further payments to CHT. <br />ii. In the event that CHT, prior to the contract completion date, is unable to continue to <br />function due to, but, not limited to, dissolution or insolvency of the organization, its <br />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 CHT shall, upon <br />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 CHT's agreement of <br />CHT's inability to continue as a viable organization. CHT shall convey the Property <br />to the County by general warranty deed, free and clear of all liens and encumbrances <br />of record except those which create a beneficial interest in County (Declaration of <br />Restrictive Covenants) and any other agreed to by County in writing. <br />4 <br />