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3. Time for Commencement and Completion. The Project completion date is the closing <br />date of the purchase by a qualified buyer of the last of the 50 units to be constructed. In <br />the event that Habitat is unable to proceed with any aspect of the Project in a timely <br />manner, and the County and Habitat determine that reasonable extension(s) for <br />completion will not remedy the situation, then the Termination of Agreement provisions <br />of this Agreement (Section 6.a.) shall pertain. Habitat may, at its option, submit a written <br />request for a delay of completion for County approval. The County may, at its option, <br />approve any delay in the Project completion date or declare Habitat in default. <br />Habitat shall monitor the constructed units for affordability for the period of affordability <br />- ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br />assisted unit affordability periods. <br />In addition, Habitat agrees to furnish to the County a copy of its annual audit, performed <br />by a certified public accountant within 90 days of the end of the fiscal year of expenditure <br />of the HOME Program Funding. <br />4. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br />nine years. Habitat retains full responsibility for compliance with the affordability <br />requirement for assisted units, unless affordability restrictions are terminated due to the <br />sale of the Property to anon-qualified buyer in which event the Resale Provisions of <br />Section 4 of this Agreement pertain. Habitat shall assure compliance with affordability of <br />each of the fifty (50) dwelling units as is provided in the "Declarations of Restrictive <br />Covenants" on the Property recorded at Book 3936, Page 434, Orange County Registry, <br />at Book 3936, Page 465, Orange County Registry and at Book 3710, Page 314, Orange <br />County Registry. These Declarations constitute and shall remain a first lien on the <br />Property during the period of affordability. <br />It is further the responsibility of Habitat to rerecord the Declarations of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of the <br />recording the first of the Declarations, which recording date is April 1, 2005. The County <br />retains the .right to periodically and every 30 years after the first recording of the <br />Declaration of Restrictive Covenants on the Property to register, with the Register of <br />Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the <br />Property as provided in North Carolina General Statute § 47B-4 or any comparable <br />preservation law in effect at the time of the recording of the notice of preservation. It is <br />the intent of this Section of this Agreement that the 99 year affordability requirement <br />contained herein be accomplished and that Habitat and the County will do what is <br />necessary to ensure that the same is not extinguished by the Real Property Marketable <br />Title Act or any comparable law purporting to extinguish, by the passage of time, non <br />possessory interests in real property. Both Habitat and the County agree to do what each <br />must do to accomplish the 99-year affordability requirement. <br />5. Resale Provisions. Habitat shall assure compliance with affordability of assisted units <br />through the Declaration of Restrictive Covenants. The Declaration of Restrictive <br />Covenants shall include at least the following elements in their resale provisions for the <br />Improvements: <br />