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3. Each housing writ must have a value that does not exceed 95% of the area median <br />purchase price for that type of housing. <br />Value must be established by one of the following methods: <br />i. An appraisal by a qualified appraiser. <br />ii. Tax assessments may be used to establish value, but only if they are <br />current and can be computed at 100°Io of market value. <br />4. Time for Commencement and Completion. The Project must begin within one (1) <br />year of the date of this Agreement. OCHLT will be responsible for providing status <br />reports to the County quarterly detailing the project activities until project completion. In <br />addition, OCHLT agrees to furnish to the County a copy of its annual audit performed by <br />a certified public accountant within 90 days of the end of each fiscal year until the <br />Project is complete. <br />The Project completion date is the closing date of the Ground Lease by a qualified buyer <br />of the last of the Project dwelling units. In the event that OCHLT is unable to proceed <br />with any aspect of the project in a timely manner, and County and OCHLT determine <br />that reasonable extension(s) for completion will not remedy the situation, then the <br />Termination of Agreement provisions of this Agreement (Section 7.a.) shall pertain. <br />OCHLT may, at its option, submit a written request for a delay of completion for County <br />approval. The County may, at its option, approve any delay in the completion date or <br />declare OCHLT in default. <br />OCHLT shall monitor the housing units for affordability for the period of affordability - <br />ninety-nine (99) years and, if renewed, an additional ninety-nine years. Final contract <br />completion date shall be the end date of the last affordability period. <br />5. AffordaUility Requirement. Each housing unit must remain affordable for a period of <br />ninety-nine years. OCHLT retains full responsibility for compliance with the <br />affordability requirement for assisted housing units. OCHLT shall assure compliance <br />with affordability of assisted housing units by having recorded, no later than the time it <br />leases the first of the housing units, a "Declaration of Restrictive Covenants" (Exhibit A) <br />on the Property. This Declaration shall constitute and remain a first lien on the Property <br />during the period of affordability, unless otherwise provided by law or unless otherwise <br />agreed by County. <br />It is further the responsibility of OCHLT to rerecord the Declaration of <br />Restrictive Covenants no later than one day before the expiration of 30 years of the date <br />of its lease of each of the housing units in the event the homeowner leasing the housing <br />unit from OCCLT is still the owner of the housing unit at the time of the rerecording. <br />County retains the right to periodically and every 30 years after the first recording of the <br />Declaration of Restrictive Covenants to register, with the Register of Deeds of Orange <br />County, a notice of preservation of the restrictive covenants on the Property as provided <br />in North Carolina General Statute § 4713-4 or any comparable preservation law in effect <br />