2008-122 Housing -Grant Agreement 2008 Home Funds $100,000.00

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and that in any event, the requirements of this Declaration are paramount and controlling as to the rights and obligations herein set forth and supersede any other requirements in conflict herewith. SECTION 2 TERM OF DECLARATION a. Tltis Declaration (and the terms of affordability specified herein) applies to the Ptopetty immediately upon the recordation of this Declaration, CHT and all subsequent owners of the Property shall comply with all covenants herein. This Declaration shall tetrninate ninety-nine years after the Project completion date as specified in the GRANT AGREEMENT. SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND a. CHT sltall cause this declaration and all amendments hereto to be recorded and filed in the Office of the Registet• of Deeds of Orange County upon its execution. CHT shall pay all fees and charges incurred in connection therewith. b. CHT intends, declat•es and covenants, on behalf of itself and all future owners of the Ptopetty during the term of this Declaration, that this Declaration and the covenants and restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer of the Property (1) shall be and are covenants running with the land, encumbering the Ptopet•ty for the term of this Declaration, binding upon all present and future owners of the Property; (2) are not personal covenants of Declarant; and (3) shall bind all present and future owners (and the benefits shall inure to the County and any prospective owner of the Property) and its respective successors and assigns during the tetrn of this Declaration. For the tetrn of this Declaration, each and every contract, lease, deed or other instrument hereafter executed conveying the Property or portion thereof shall expressly provide that such conveyance is subject to this Declaration, provided, however, the covenants contained herein shall survive and be effective regardless of whether such contract, lease, deed, or other instrument hereafter executed conveying the Property or portion thereof provides that such conveyance is subject to this Declaration. It is further the responsibility of CHT to rerecord this Declaration periodically and no less often than one day less than every 30 years from the date hereof for the purpose of renewing the rights of first refusal in the Property or portion thereof including any leasehold interest in the Property or portion thereof. The County retains the right to, periodically and every 30 years after the first recording of the Ground Lease created in Exhibit C hereof, register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided in North Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent o£this Section 3 of this Declaration that the 99 year duration of this Declaration of Restrictive Covenants be accomplished and that any future owner of the Property, CHT and Orange County will do what is necessary to ensure that the same is not extinguished by N.C. Gen. Star. § 41-29 ot• any comparable law purporting to extinguish, by the passage of time, preemptive rights in the Property and by the Real Property Marketable Title Act or any comparable law ptrtporting to extinguish, by the passage of time, non possessory interests in real property. Any future owner of the Property, CHT and Orange County will to do 13