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6. The property must have a value that does not exceed 95% of the area median purchase <br />price for that type of housing. <br />Value must be established by one of the following methods: <br />i. An appraisal by a qualified appraiser. <br />ii. Tax assessments may be used to establish value, but only if they are <br />current and can be computed at 100% of market value. <br />7. Time for Commencement and Completion. The Project must begin within one (1) <br />year of the date of this Agreement. OCHLT will be responsible for providing status <br />reports to the County quarterly detailing the project activities until project completion. In <br />addition, OCHLT agrees to furnish to the County a copy of its annual audit performed by <br />a certified public accountant within 90 days of the end of each fiscal year until the <br />Project is complete. <br />The Project completion date is the closing date of the purchase by a qualified buyer of <br />the last of the Project dwelling units. In the event that OCHLT is unable to proceed with <br />any aspect of the project in a timely manner, and County and OCHLT determine that <br />reasonable extension(s) for completion will not remedy the situation, then the <br />Termination of Agreement provisions of this Agreement (Section 10.a.) shall pertain. <br />OCHLT may, at its option, submit a written request for a delay of completion for County <br />approval. The County may, at its option, approve any delay in the completion date or <br />declare OCHLT in default. <br />OCHLT shall monitor the dwelling units for affordability for the period of affordability - <br />ninety-nine (99) years. Final contract completion date shall be the end date of the last <br />affordability period. <br />8. Affordability Requirement. Each of the Project dwelling units must remain affordable <br />for a period of ninety-nine years. OCHLT retains full responsibility for compliance with <br />the affordability requirement for each of the dwelling units, unless affordability <br />restrictions are terminated due to the sale of the Property to anon-qualified buyer in <br />which event the Resale Provisions of Section 9 of this Agreement pertain. OCHLT shall <br />assure compliance with affordability of each of the dwelling units by having recorded a <br />"Declaration of Restrictive Covenants" (EXHIBIT A) on the Property. This Declaration <br />shall constitute and remain a first lien on the Property during the period of affordability. <br />It is further the responsibility of OCHLT to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of the <br />purchase of the Property in the event that OCHLT is still the owner of the Project <br />dwelling units at the time of the rerecording. County retains the right to periodically and <br />every 30 years after the first recording of the Declaration of Restrictive Covenants on the <br />Property to register, with the Register of Deeds of Orange County, a notice of <br />preservation of the Restrictive Covenants on the Property as provided in North Carolina <br />3 <br />