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Documents"), for The Landings at Winmore shall be and are expressly subordinated to the
<br />following exceptions to title that encumber the property, as described in the Orange County Loan
<br />Documents: (i) Deed of Trust in favor of the North Carolina Finance Deed of Trust in Favor of
<br />North Carolina Housing Finance Agency for $4,995,112 recorded in Book 4895, Page 150,
<br />Orange County Registry, (ii) Declaration of Land Use Restrictive Covenants for Section 1602
<br />Exchange Program recorded in Book 4895, Page 162, Orange County Registry, (iii) UCC in
<br />Favor of the North Carolina Housing Finance Agency recorded in Book 4895, Page 172, Orange
<br />County Registry, (iv) Deed of Trust in Favor of the North Carolina Housing Finance Agency for
<br />$410,160 recorded in Book 4895, Page 176, Orange County Registry, (v) UCC in Favor of North
<br />Carolina Housing Finance Agency recorded in Book 4895, Page 188, Orange County Registry,
<br />(vi) Deed of Trust in favor of Bank of America for $1,440,000 recorded in Book 5083, Page 80,
<br />Orange County Registry, (vii) Deed Restrictions for Bank of America recorded in Book 5083,
<br />Page 108, Orange County Registry, (viii) UCC in favor of Bank of America recorded in Book
<br />5083, Page 114, Orange County Registry (ix) Deed of Trust in favor of Bank of America for
<br />$550,000 recorded in Book 5083, Page 120, Orange County Registry, (x) UCC in favor of Bank
<br />of America recorded in Book 5083, Page 148, Orange County Registry, and (xi) Deed of Trust in
<br />favor of United Housing Associates for $250,000 recorded in Book 5083, Page 154 assigned to
<br />Bank of America in Book 5095, Page 90, Orange County Registry.
<br />IV. TIMELINESS
<br />The Owner shall complete the Project within twelve (12) months from the date of this
<br />Agreement. However, in the event of any alterations or additions or of circumstances beyond the
<br />control of the Owner, which in the opinion of the Director of the County's Department of
<br />Housing, Human Relations and Community Development will require additional time for
<br />completion of the Project, then in that case, the time of completion shall be extended by the
<br />County Manager in writing for a period of time not to exceed six (6) months. Any further
<br />extensions will require the approval of the Orange County Board of County Commissioners.
<br />IV. DURATION OF THE AGREEMENT
<br />This Agreement will remain in effect for the Period of Affordability established below.
<br />V. AFFORDABILITY REQUIREMENTS
<br />Owner agrees to lease the Project dwelling units to 15 low income families earning less
<br />than 40% of the area median income, 21 families earning less than 50% of area median income,
<br />and 22 families earning less than 60% of area median income throughout the term of the 99 year
<br />period of affordability. Area Median Income by family size is determined by the U.S.
<br />Department of Housing and Urban Development and amended from time to time. Residential
<br />leases will not exceed one year in term.
<br />Each of the Project dwelling units must remain affordable for a period of ninety-nine
<br />years. The Owner retains full responsibility for compliance with the affordability requirement
<br />for each of the Project dwelling units, unless affordability restrictions are terminated due to the
<br />sale of the Property to anon-qualified buyer in which event the Resale Provisions of this
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