Orange County NC Website
V. TIMELINESS <br />The Owner shall complete the Project within twelve (12) months from the date of this <br />Agreement. However, in the event of any alterations or additions or of circumstances beyond the <br />control of the Owner, which in the opinion of the Director of the County's Department of <br />Housing and Community Development will require additional time for completion of the Project, <br />then in that case, the time of completion shall be extended by the County Manager in writing for <br />a period of time not to exceed six (6) months. Any further extensions will require the approval <br />of the Orange County Board of County Commissioners. <br />VI. DURATION OF THE AGREEMENT <br />This Agreement will remain in effect for the Period of Affordability established below. <br />VII. .AFFORDABILITY REQUIREMENTS <br />Owner agrees to lease the Project dwelling units to families whose income does not <br />exceed 50% of the area median income by family size, as determined by the U.S. Department of <br />Housing and Urban Development and as amended from time to time. Monthly rents must not <br />exceed the HOME Program Rents in effect at the time of occupancy. Residential leases will not <br />exceed one year in term. <br />Each of the Project dwelling units must remain affordable for a period of ninety-nine <br />years. The Owner retains full responsibility for compliance with the affordability requirement <br />for each of the Project dwelling 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 Section 3 of <br />this Agreement pertain. The Owner shall assure compliance with affordability of each of the <br />Project dwelling units as provided in the Declaration on the Property. This Declaration shall <br />constitute and remain a first lien on the Property during the period of affordability. <br />It is further the responsibility of the Owner to rerecord the Declaration of Restrictive <br />Covenants periodically and no less often than one day less than every 30 years from the date <br />hereof for the purpose of renewing the rights of first refusal in the Property or portion thereof <br />including any leasehold interest in the Property or portion thereof. Orange County retains the <br />right to, periodically and every 30 years after the first recording of the Declaration of Restrictive <br />Covenants on the Property to register, with the Register of Deeds of Orange County, a notice of <br />preservation of the Restrictive Covenants on the Property as provided in North Carolina General <br />Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the <br />notice of preservation. It is the intent of this Agreement that the 99 year duration of this <br />Declaration of Restrictive Covenants be accomplished and that any future owner of the Property, <br />Owner, and Orange County will do what is necessary to ensure that the same is not extinguished <br />by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of <br />time, preemptive rights in the Property and by the Real Property Marketable Title Act or any <br />comparable law purporting to extinguish, by the passage of time, non possessory interests in real <br />property. Any future owner, Owner and Orange County agree to do what each must do to <br />accomplish the 99-year duration of this Declaration of Restrictive Covenants. <br />