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

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This Declaration shall constitute and remain a first lien on the Property during the period of affordability, unless otherwise provided by law or unless otherwise agreed by County. It is further the responsibility of CHT to rerecord the Declaration of Restrictive Covenants no later than one day before the expiration of 30 years of the date of its lease of each of the housing units in the event the homeowner leasing the housing unit from CHT is still the owner of the housing unit at the time of the rerecording. County retains the right to periodically and every 30 years after the first recording of the Declaration of Restrictive Covenants to register, with the Register of Deeds of Orange County, a notice of preservation of the restrictive covenants on the Property as provided in North Carolina General Statute § 4713-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Section of this Agreement that the 99 year affordability requirement contained herein be accomplished and that CHT and the County will do what is necessary to ensure that the same is not extinguished by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. CHT and the County agree to do what each must do to accomplish the 99 year affordability requirement. 7. Resale Provisions. CHT shall assure compliance with long term affordability of assisted housing units as provided for in the Ground Lease, which Ground Lease shall, as to resale provisions, remain in substantially the form of the current version of the Ground Lease, a copy of which is an exhibit to the Declaration of Restrictive Covenants, for at least 99 years. 8. Miscellaneous Provisions. a. Termination of Agreement. The full benefit of the Project will be realized only after the completion of the affordability periods for all dwelling units purchased under this Agreement. It is the County's intention that the full public benefit of the Project shall be completed under the auspices of CHT for the assisted housing units as follows: i. In the event that CHT is unable to proceed with any aspect of the Project in a timely manner, and County and CHT determine that reasonable extension(s) for completion will not remedy the situation, then CHT will retain responsibility for requirements for any dwelling units assisted and County will make no further payments to CHT. ii. In the event that CHT, prior to the contract completion date, is unable to continue to function due to, but, not limited to, dissolution or insolvency of the organization, its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement, then CHT shall, upon the County's request, convey to the County the Property assisted with the HOME funds. Conveyance shall be at the sole discretion of County and on a dwelling unit by dwelling unit basis. 4