Orange County NC Website
g. Habitat is responsible for verifying the income of the homebuyers, explaining the <br />second mortgage program to potential homebuyers and certifying by written <br />documentation signed by the homebuyer that the program requirements have been fully <br />explained. Habitat shall maintain purchaser files as part of its Books and Records as <br />required and for the period of time required by Section 6f. of this Agreement. <br />2. Progress Payments. The County shall make payments when requested by Habitat in <br />order to facilitate the purchase of project dwelling units by eligible first-time <br />homebuyers. Copies of documentation for actual expenses shall accompany payment <br />requests. <br />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 three units to be constructed. <br />In the event that Habitat is unable to proceed with any aspect of The Project in a timely <br />manner, and County and Habitat determine that reasonable extension(s) for completion <br />will not remedy the situation, then the Termination of Agreement provisions of this <br />Agreement (Section 6.d) shall pertain. Habitat may, at its option, submit a written request <br />for a delay of completion for County approval. The County may, at its option, approve <br />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 <br />expenditure 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 Properties to anon-qualified buyer in which event the Resale Provisions of <br />Section 5 of this Agreement pertain. Habitat shall assure compliance with affordability of <br />each of the assisted units at the time it sells each of the three (3) dwelling units, pursuant <br />to the "Declaration of Restrictive Covenants" (EXHIBIT A) on the Properties. This <br />Declaration shall constitute and remain a first lien on the Properties <br />during the period of affordability. <br />It is further the responsibility of Habitat to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of its sale of <br />each of the three (3) dwelling units in the event the homeowner purchasing the property <br />from Habitat is still the owner of the dwelling unit at the time of the rerecording and no <br />later than one day before the expiration of 30 years of the sale of the three (3) dwelling <br />units. County retains the right to periodically and every 30 years after the first recording <br />of the Declaration of Restrictive Covenants on the Properties to register, with the <br />Register of Deeds of Orange County, a notice of preservation of the Restrictive <br />