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2009-106 Housing - Habitat for Humanity Of Orange County - Development Agreement effective 1-8-2010
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2009-106 Housing - Habitat for Humanity Of Orange County - Development Agreement effective 1-8-2010
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2/8/2010 11:16:43 AM
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2/8/2010 11:16:41 AM
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BOCC
Date
5/5/2009
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
4k
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Agenda - 05-05-2009 - 4k
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\Board of County Commissioners\BOCC Agendas\2000's\2009\Agenda - 05-05-2009
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Owner hereby agrees that any and all requirements or privileges of estate are intended to be <br />satisfied, or in the alternate, that an equitable servitude has been created to insure that these <br />restrictions run with the Property. For the term of this Declaration, each and every contract, deed <br />or other instrument hereafter executed conveying the Property or portion thereof shall expressly <br />provide that such conveyance is subject to this Declaration, provided, however, the covenants <br />contairied herein shall survive and be effective regardless of whether such contracts, deed, or <br />other instrument hereafter executed conveying the Property or portion thereof provides that such <br />conveyance is subject to this Declaration. It is further the responsibility of Owner to rerecord the <br />Declaration of Restrictive Covenants periodically and no less often than one day less than every <br />30 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 thereof. <br />Orange County 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 Deeds of <br />Orange County, a notice. of preservation of the Restrictive Covenants on the Property as <br />provided in North Carolina General Statute § 47B-4 or any comparable preservation law in effect <br />at the time of the recording of the notice of preservation. It is the intent of this Section that the 99 <br />year duration of this Declaration of Restrictive Covenants be accomplished and that any future <br />owner of the Property, Habitat, and Orange County will do what is necessary to ensure that the <br />same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to <br />extinguish, by the passage of time, preemptive rights in the Property and by the Real Property <br />Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, <br />non possessory interests in real property. Any future owner, Habitat and Orange County agree to <br />do what each must do to accomplish the 99-year duration of this Declaration of Restrictive <br />Covenants. <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br />REQUIREMENTS <br />A. Rights of Refusal <br />a. Grant and Effect. Orange County is granted a right of first refusal to purchase <br />the Property as described in this Section. Any assignment, sale, transfer, conveyance, or <br />other disposition of the Property or any part thereof whether voluntarily or involuntarily <br />or by operation of law ("Transfer") shall not be effective unless and until the below- <br />described procedure is followed. <br />b. Right of First Refusal. If Owner contemplates a Transfer to other than an <br />agency with similar interest in affordable housing serving families with incomes not <br />exceeding 80% of the area median household income by family size, as determined by <br />the U.S. Department of Housing and Urban Development at the time of the transfer, the <br />non-profit fund, foundation, or corporation of like purposes must have established its tax- <br />exempt status under Section 501 (c)(3) of the Internal Revenue Code. Owner shall send <br />to Orange County, at the address noted in the Notice section of this Declaration, not less <br />than 90 days prior to the contemplated closing date of the Transfer, a "Notice of Intent to <br />Sell." This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br />executed bona fide offer to purchase the Property on the then current North Carolina Bar <br />Association "Offer to Purchase and Contract" form. If Orange County elects to exercise <br />its said right of refusal, it shall notify the Owner of its election to purchase within 30 days <br />15 <br />
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