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NORTH CAROLINA <br />ORANGE COUNTY <br />DRAFT <br />11 <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Carolina, (hereinafter referred to as the "County") and HABITAT <br />FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non - profit housing <br />organization (hereinafter referred to as "Habitat "). The effective date of this agreement is <br />WITNESSETH <br />WHEREAS, the County, in the implementation of the Orange County Affordable <br />Housing Bond Program solicited applications for funding from interested non - profit <br />organizations; <br />WHEREAS, Habitat submitted an application for Housing Bond funding on July 8, 1999 <br />for $460,000 for property acquisition for future housing development approved by the Board of <br />County Commissioners on December 7, 1999; and <br />WHEREAS, Habitat intends to purchase a 41 acre tract of land in the Efland - Cheecks <br />community in Orange County (herein after referred to as the "Property"), and described in <br />EXHIBIT A attached hereto and incorporated herein; and <br />WHEREAS, Habitat intends to construct a 45 unit subdivision with dwelling units <br />available to first -time homebuyers earning up to 80% of HUD area median income; and <br />WHEREAS, Habitat agrees to utilize bond funds provided by the County for the purpose <br />of acquiring Property for the purpose of constructing 25 dwelling units for first -time homebuyer <br />families as described in their bond application dated July 8, 1999 which is EXHIBIT B to this <br />Agreement, and hereinafter referred to "the Project ". <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />Habitat shall construct the dwelling units defined in the Project , obtain all permits and <br />licenses necessary to construct the homes on the Property, and comply with applicable <br />building and zoning ordinances and the N.C. Housing Finance Agency Energy Standards. <br />The Project shall be undertaken without residential displacement. <br />Habitat is responsible for soliciting buyers for the homes they intend to construct on the <br />Property. Habitat and/or their buyers shall be responsible for securing permanent <br />mortgage financing for the homes built by them on the Property. <br />Z <br />