2005 S Housing- Development Agreement Amendment - Habitat for Humanity

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~ , NORTH CAROLINA ORANGE COUNTY ~~~ 5 ~ ~ Please Return This Copy to the Clerk's Office for the Permanent Agenda File AMENDMENT TO DEVELOPMENT AGREEMENT This is an amendment to the February _24_, 2003 AGREEMENT ("the Development Agreement") between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as "County" or "the County") and HABITAT FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non-profit housing organization (hereinafter referred to as "Habitat"). The effective date of this amendment is May 17, 2005. WITNESSETH WHEREAS, the County and Habitat entered into a Development Agreement dated February _24_, 2003 for the acquisition of a 17.17-acre parcel of land on Sunrise Road, Chapel Hill, NC by Habitat for future housing development; and WHEREAS, Habitat has requested that the performance dates in the original Agreement be amended due to a modified housing development schedule; NOW, THEREFORE, in consideration of the mutual covenants, promises and representations contained herein, it is agreed between the parties hereto that all of the terms and conditions of the Development Agreement are herein reaffirmed and incorporated herein by reference and amended as follows: 1. Paragraph 3 of the Development Agreement is rewritten to read as follows: Habitat must submit a sound, site-specific development proposal for developing the Property by December 31, 2005 (was June 30, 2005). At that time, Habitat must provide evidence that the surrounding community has been involved in development plans. Actual infrastructure construction must begin by January 15, 2008 (was September 30, 2005). Habitat will be responsible for providing status reports to the County quarterly detailing the project activities until project completion beginning in January 2006 (was July 2005). In addition, Habitat agrees to furnish to the County a copy of its annual audit, performed by a certified public accountant within 90 days of the end of each fiscal year until the Project is complete. The project completion date is the closing date of the purchase by a qualified buyer of the last of the twenty-five units to be constructed for first time homebuyers or December 31, 2010 (was December 31, 2008) whichever is earlier. In the event that Habitat is unable to proceed with any aspect of the project in a timely manner, and County and Habitat determine that reasonable extension(s) for completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. Habitat may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or declare Habitat in default. Habitat shall monitor the constructed units for affordability for the period of affordability - ninety-nine (99) years. Final contract completion date shall be the latest end date of all assisted unit affordability periods. ~~