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