Orange County NC Website
Browse       Search
WHEREAS, notwithstanding any provision of this Agreement, the County, The <br /> Landings, Crosland, and CHT hereto agree and acknowledge that this Agreement does not <br /> constitute a commitment of funds or site approval, and that such commitment of funds or <br /> approval may occur only upon satisfactory completion of an environmental review and receipt <br /> by Orange County of a Release of Funds from the U.S. Department of Housing and Urban <br /> Development under 24 CFR Part §58 if applicable. The parties further agree that the provision <br /> of such funds to the project is conditioned on Orange County's determination to proceed with, <br /> modify,or cancel the project based on the results of a subsequent environmental review. <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto that all of the terms and conditions of the <br /> Development Agreement are herein affirmed and incorporated herein by reference and amended <br /> as follows: <br /> Section I1. AMOUNT OF HOME FUNDS/LOAN TERMS is rewritten to read as follows: <br /> The County shall make available to the Owner up to Three Hundred Thousand Dollars <br /> ($300,000) at an interest rate of two percent (2%) pursuant to this Agreement. Said funds <br /> shall be disbursed by the County to the Owner for performance of the services described in <br /> Exhibit C. HOME funding will be provided in the form of an amortized loan with a 30 year term <br /> at 2% simple interest per annum. A Deed of Trust and Promissory Note will secure the loan <br /> funds. <br /> The loan repayment terms shall be a thirty (30) year period to commence on May 1, 2011. The <br /> Owner shall make consecutive monthly payments including principal and interest at the aforesaid <br /> rate to the County of$1,108.86 per month until paid in full. The associated Loan Amortization <br /> Schedule is attached as Exhibit E and hereby incorporated by reference. <br /> Monthly payments should be made payable to Orange County, NC and sent to the following <br /> address by the 5th day of each month. <br /> Orange County,NC <br /> c/o Housing, Human Rights, and Community Development Department <br /> 300 W. Tryon Street <br /> P.O. Box 8181 <br /> Hillsborough,NC 27278 <br /> 2 <br />