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NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />3 <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 FREEDOM HOUSE, INC, a North Carolina nonprofit corporation (hereinafter referred <br />to as "Freedom House, Inc. "). The date of this Agreement is February 17, 1998. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated $337,000 in FY <br />1996 HOME funds for the purpose of conveying these funds to Freedom House, Inc. to <br />assist with the development of transitional housing on Airport Road in Chapel Hill, which <br />property is more particularly described in Exhibit A attached hereto and made a part of this <br />Agreement (hereinafter referred to as the "Property"); and <br />WHEREAS, the County is the lead entity of the <br />designated in an agreement dated August 27, 1992, and <br />July 28, 1993, and as such is the lead entity in a represen <br />the Orange HOME Consortium for the purposes of can <br />accordance with the Title 11 of the Cranston- C1_ ,... , ....... <br />(Pub. L. 101 -625), (42 U.S.C. 35354 t. so. (her. <br />:: v,,> <br />as further deft eral am Regrets <br />:..,.: <br />of Ho rban De ere _ ' <br />Orange HOME <br />Consortium, so <br />y 26, 1993, and <br />all members of <br />E Program in <br />ousina Act <br />as tai Act'), and <br />U.S. Department <br />WHO � , Freedo se, Inc. intends to develop the Property for the purpose of <br />constructing tra ng opportunities for low income residents. <br />NOW, THEREFORE, in consideration of the premises and the mutual covenants <br />herein contained, the parties hereto do agree as follows: <br />1. Freedom House, Inc. agrees to develop ten (10) transitional housing units on <br />Airport Road in Chapel Hill for low income persons in Orange County. Construction <br />must begin by December 31, 1998. <br />2. The HOME funding investment shall be secured by a note to the County and a deed <br />of trust constituting a lien on the leasehold interest which Deed of Trust shall <br />designate Orange County as the secured party/beneficiary. The note and deed of <br />trust shall be in the form of the documents that are attached to and a part of this <br />document. <br />3. Freedom House, Inc. agrees to rent the property to qualified buyers whose incomes <br />do not exceed 50°x6 of the area median income by family size, as determined by the <br />