S Grant - Housing - Consolidated Housing Plan Annual Update/HOME Program 05-05-2009-5k

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Exhibit A Prepared by and return to: Annette Moore, Orange County Attorney's Office: P.O. Box 8181; Hillsborough, NC 27278 DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated by Community Home Trust, Inc, and its successors and assigns (Owner), is given as a condition precedent to the award of Federal HOME Investment Partnership Program funds by Orange County, North Carolina, a body politic and corporate, a political subdivision of the State of North Carolina, (hereafter "the County") together with any successor to its rights, duties, and obligations. RECITALS: WHEREAS, the Orange County HOME Consortium has designated $139,033 in FY 2009 HOME funds for the purpose of homeownership assistance for first-time homebuyers of Land Trust homes by reducing the purchase price to meet buyers' affordability needs hereafter referred to as the "Project" or the "project dwelling units"; and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated July 1, 2008 and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME .Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. ~.) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, the Community Home Trust (CHT) formerly known as Orange Community Housing and Land Trust (OCHLT) is a designated Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart A, Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first-time homebuyers; and 11