2011-258 Housing - Inter-Church Council Housing Corp. - Developmental Agreement - OC HOME Consortium

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Page 108, Orange County Registry, (viii) UCC in favor of Bank of America recorded in Book 5083, Page 114, Orange County Registry (ix) Deed of Trust in favor of Bank of America for $550,000 recorded in Book 5083, Page 120, Orange County Registry, (x) UCC in favor of Bank of America recorded in Book 5083, Page 148, Orange County Registry, and (xi)Deed of Trust in favor of United Housing Associates for $250,000 recorded in Book 5083, Page 154 assigned to Bank of America in Book 5095, Page 90, Orange County Registry. IV. TIMELINESS Owner shall complete the Project within twelve (12) months from the date of this Agreement. However, in the event of any alterations or additions or circumstances beyond the control of the Owner, which in the opinion of the Director of the County's Department of Housing, Human Relations and Community Development will require additional time for completion of the Project, then in that case, the time of completion shall be extended by the County Manager in writing for a period of time not to exceed six (6) months. Any further extensions will require the approval of the Orange County Board of County Commissioners. V. DURATION OF THE AGREEMENT This Agreement will remain in effect for the Period of Affordability as provided in Section VI. Affordability Requirements. VI. AFFORDABILITY REQUIREMENTS Owner agrees to lease the Project dwelling units to 79 low and moderate income families earning less than 80% of the area median income throughout the 99 year period of affordability. Area Median Income by family size is determined by the U.S. Department of Housing and Urban Development and amended from time to time. Residential leases will not exceed one year in term. Each of the Project dwelling units must remain affordable for a period of ninety-nine years. Owner retains full responsibility for compliance with the affordability requirement for each of the Project dwelling units, unless affordability restrictions are terminated due to the sale of the Property to a non-qualified buyer in which event the Resale Provisions of this Agreement pertain. Owner shall assure compliance with affordability of each of the Project dwelling units as provided in the Declaration on the Property. This Declaration shall constitute and remain a lien on the Property during the period of affordability. It is further the responsibility of Owner to rerecord the Declaration of Restrictive Covenants periodically and no less often than one day less than every 30 years from the date hereof for the purpose of renewing the rights of first refusal in the Property or portion thereof including any leasehold interest in the Property or portion thereof. Orange County retains the right to, periodically and every 30 years after the first recording of the Declaration of Restrictive Covenants on the Property to register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided in North Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the