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Sell." This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br />executed bona fide offer to purchase the Property on the then current North Carolina Bar <br />Association "Offer to Purchase and Contract" form. If Orange County elects to exercise <br />its said right of refusal, it shall notify the Owner of its election to purchase within 30 days <br />of its receipt of the Notice and shall purchase the Property or portion thereof within 90 <br />days of the receipt of the "Notice of Intent to Sell." <br />c. Sales After Failure to Exercise Rights of Refusal. If Orange County does not <br />advise Owner in a timely fashion of an intent to purchase the Property, then Owner shall <br />be free to transfer the property in accordance with this Section. <br />d. Assignability Orange County may assign its right of first refusal without Owner's <br />consent. <br />B. Resale Provisions <br />a. If the Owner no longer uses the Property as affordable rental property, then Owner <br />must sell, transfer, or otherwise dispose of its interest in the Property only to an agency <br />with similar interest in affordable housing and to serve families with incomes not <br />exceeding 80% of the area median household income by family size, as determined by the <br />U.S. Department of Housing and Urban Development at the time of the transfer. The <br />non-profit fund, foundation, or corporation of like purposes must have established its tax- <br />exempt status under Section 501 (c)(3) of the Internal Revenue Code. <br />b. However, if the property is not sold, transferred, or otherwise disposed of to an <br />agency with similar interest in affordable housing during the term of affordability, the net <br />sales proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of the <br />original first mortgage and (3) the unpaid principal amount of the initial Orange County <br />contribution and any other initial government contribution secured by a deferred payment <br />promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of the <br />Property and Orange County. <br />c. The resale provisions shall remain in effect for the full affordability period - 99 <br />years. <br />C. Owner covenants that it will not knowingly take or permit any action that would result in <br />a violation of the affordability requirements of Orange County or of the Orange County HOME <br />Investment Partnership Program. Orange County, together with Owner, may execute and record <br />any amendment or modification of this Declaration and such amendment or modification shall be <br />binding on third parties granted rights under this Declaration. <br />D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br />restrictions provided in this Declaration is to assure compliance with the affordability <br />requirements of Orange County and the Orange County HOME Investment Partnership Program <br />AND BY REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING ORANGE <br />Declaration of Restrictive Covenants <br />Page 5 <br />