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1L u u <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />I!/ <br />This is an AGREEMENT between ORANGE COUNTY, a general local <br />governmental unit of the State of North Carolina, (hereinafter referred to as the "County") <br />and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit <br />corporation (hereinafter referred to as "OCHC "). The date of this Agreement is June 22, <br />1998. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated $50,000 in FY <br />1996 -97 HOME funds for the purpose of conveying these funds to OCHC to acquire and <br />develop the Scarlett Drive property, which property is more particularly described in Exhibit <br />A attached hereto and made a part of this Agreement (hereinafter referred to as the <br />"Property"); and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated August 27, 1992, and amended January 26, 1993, and <br />July 28, 1993, and as such is the lead entity in a representative capacity for all members of <br />the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br />accordance with the Title II of the Cranston - Gonzalez National Affordable Housing Act <br />(Pub. L. 101 -625), (42 U.S. C. 3535(d.) et. §e g.) (hereinafter referred to as the "Act "), and as <br />further defined in the Federal Program Requirements provided by the U.S. Department of <br />Housing and Urban Development; and <br />WHEREAS, OCHC intends to purchase and develop the Property for the purpose of <br />constructing homeownership opportunities for first -time homebuyers. <br />NOW, THEREFORE, in consideration of the premises and the mutual covenants <br />herein contained, the parties hereto do agree as follows: <br />OCHC agrees to develop the property and secure financing for the construction of <br />the project. <br />2. OCHC agrees to prepare a marketing plan prior to the closing date for the purchase <br />of the property, which will be incorporated into this document upon approval of the <br />Orange County HOME Program Consortium. The Consortium recognizes the <br />difficulty in determining marketing strategy, thus the plan will include activities to be <br />undertaken by other parties. <br />3. Once potential purchasers are identified through marketing efforts specified in the <br />marketing plan, OCHC will perform all activities necessary to complete the sale, <br />including but not limited to: prequalifying the potential purchasers for a mortgage, <br />