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~- i~ ~~' <br />NORTH CAROLINA <br />ORANGE COUNTY DEVELOPMENT AGREEMENT <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 <br />FY 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 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. sec.) (hereinafter referred to as the "Act"), and <br />as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, Freedom House, Inc. intends to develop the Property for the purpose <br />of constructing transitional housing 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 />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 />contract award must occur on or before December 31, 1998. <br />2. The HOME funding investment shall be secured by a note to the County and a <br />deed of trust constituting a lien on the Exhibit A property 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 tenants whose <br />incomes do not exceed 50% of the area median income by family size, as <br />determined by the U.S. Department of Housing and Urban Development and <br />amended from time to time. The period of affordability for HOME funds in <br />