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EXHIBIT B <br />Prepared by: Geoffrey E. Gledhill, Attorney at Law, P.O. Drawer 1529; Hillsborough, NC 27278 <br />After recording return to: Coleman, Gledhill & Hargrave, P.O. Drawer 1529; Hillsborough, NC 27278 <br />DECLARATION OF RESTRICTIVE COVENANTS <br />THIS DECLARATION OF RESTRICTNE COVENANTS (Declaration), dated <br />by Chrysalis Foundation for Mental Health, Inc. for itself and its successors <br />and assigns (Owner), is given as a condition precedent to the award of Orange County HOME <br />Investment Partnership Program funds. <br />RECITALS: <br />WHEREAS, the Orange County HOME Consortium has designated $100,000 in FY <br />2005 HOME funds to assist in the acquisition of existing housing for lease to persons with <br />disabilities; and <br />WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br />designated in an agreement dated July 1, 2005 and as such is the lead entity in a representative <br />capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br />Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the <br />"Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, Chrysalis intends to purchase two condominium units. The condominium <br />units are Units 203 and 213, Building D, Ashley Forest in Chapel Hill, NC (herein after referred <br />to as "the Project dwelling units" or "the Project"). The Project dwelling units are more <br />particularly described in EXHIBIT A attached hereto and made a part of this Agreement <br />(hereinafter referred to as "the Property"); and <br />