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than one day before the expiration of 30 years of the sale of the 20 units. County retains <br />the right to periodically and every 30 years after the first recording of the Declazation of <br />Restrictive Covenants on the Property to register, with the Register of Deeds of Orange <br />County, a notice of preservation of the Restrictive Covenants on the Property as provided <br />in North Cazolina General Statute § 47B-4 or any comparable preservation law in effect at <br />the time of the recording of the notice of preservation. It is the intent of this Section of <br />this Agreement that the 99 year affordability requirement contained herein be <br />accomplished and that Habitat and the County will do what is necessary to ensure that the <br />same is not extinguished by the Real Property Marketable Title Act or any compazable <br />law purporting to extinguish, by the passage of time, non possessory interests in real <br />properly. Both Habitat and County agree to do what each must do to accomplish the 99- <br />yeaz affordability requirement. <br />5. Resale Provisions. Habitat shall assure compliance with affordability of assisted units <br />through the Declaration of Restrictive Covenants. The Declaration of Restrictive <br />Covenants shall include at least the following elements in their resale provisions for the <br />Improvements: <br />5.1 If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of <br />their interest in the Property only to a qualified homebuyer, i.e., aloes-income <br />household, one whose combined income does not exceed 80% of the azea median <br />household income by family size, as determined by the U.S. Department of <br />Housing and Urban Development at the time of the transfer, to use as their <br />principal residence. <br />5.2 However, if the property is sold during the term of affordability to anon-qualified <br />homebuyer, the Right of First Refusal provision of the New and Existing First- <br />Time Homebuyer Program portion of the County's Long-Term Housing <br />Affordability Policy must be followed and the net sales proceeds (sales price less: <br />(1) selling cost, (2) the unpaid principal amount of the original first mortgage and <br />(3) the unpaid principal amount of the initial County contribution and any other <br />initial government contribution secured by a deferred payment promissory note <br />and deed of trust) or "equity" will be divided 50/50 by the seller of the Property <br />and the County. <br />5.3 The resale provision shall remain in effect for the full affordability period - 99 <br />yeazs. <br />6. Miscellaneous Provisions. <br />a. Uniform Administrative Requirements. Habitat must comply with the applicable <br />uniform administrative requirements of 24 CFR §92.505. <br />4 <br />