2009-110 Housing - XDS, Inc. - Rehab Program Agreement

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~- o ~ ~b NORTH CAROLINA REHAB PROGRAM AGREEMENT ORANGE COUNTY This is an AGREEMENT between Orange County, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and XDS, Inc., a North Carolina non-profit c i oration hereinafter referred to as "Owner"). The effective date of this Agreement is ~0 WITNESSTH WHEREAS, the Orange County Board of Commissioners also awarded the Owner $27,940 in Community Development Program Income to assist with the rehabilitation of the rental property and to establish a maintenance and operating reserve for the property; and WHEREAS, the Owner intends to repair the dwelling unit (herein after referred to as "the Project dwelling unit" or "the Project") that are located on properties more particularly described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and WHEREAS, the Owner intends to make the Project dwelling units available for lease to families earning up to 50% of HUD area median income d hereafter referred to as ``The Project" in accordance with the April 30, 2009 letter requesting transfer of the property from the Chrysalis Foundation for Mental Health. A copy of the April 30, 2009 letter is on file in the office of the Housing and Community Development Department; and WHEREAS, notwithstanding any provision of this Agreement, the County and the Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is conditioned on Orange County's determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: I. USE OF COUNTY FUNDS I. The Owner shall perform the projects or tasks within the proposed budget outlined in Exhibit B. Exhibit B is hereby made a part of this Agreement and is incorporated by reference, as it now reads or as it may be modified by the parties.