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• Exhibit A <br />Prepared by and return to: Geoffrey E. Gledhill, P.O. Drawer 1529, Hillsborough, NC <br />27278 <br />DECLARATION OF RESTRICTIVE COVENANTS <br />THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br />by Orange Community Housing and~Land Trust, Inc, and its successors <br />and assigns (Owner), is given as a condition precedent to the award of Federal HOME <br />Investment Partnership Program funds by Orange County, North Carolina, a body politic and <br />corporate, a political subdivision of the State of North Carolina, (hereafter "the Count}') <br />together with any successor to its rights, duties, and obligations. <br />RECITALS: <br />WHEREAS, the Orange County HOME Consortium has designated $70,000 in FY <br />2005 HOME funds for the purpose of acquiring, demolishing, or renovating housing in the <br />Culbreth Park and/or Tandler subdivisions in Chapel Hill hereafter referred to as the "Project" <br />or the "project dwelling unit(s)"; and <br />WHEREAS, the project. dwelling unit subject to this Declaration is located on the <br />Property particularly described on Exhibit A to this Declaration; and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated July 1, 2005 and as such is the lead entity in a representative <br />capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br />Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. seg.) (hereinafter referred to as the <br />"Act"), and as further .defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, Orange Community Housing and Land Trust (OCHLT) is a designated <br />Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart <br />A, Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first- <br />time homebuyers; and <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />household earning up to 80% of HUD area median income that has not owned a home within <br />the past three (3) years including households living in manufactured housing not permanently <br />affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation; and <br />11 <br />