2012-060 Housing - Habitat for Humanity of Orange County

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3. Time for Commencement and Completion. The Project completion date is the closing date of the purchase by a qualified buyer of the last of the ten units to be constructed. 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.d) 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 Project 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. 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 the fiscal year of expenditure of the HOME Program Funding. 4. Affordability Requirement. Each unit must remain affordable for a period of ninety- nine years. Habitat retains full responsibility for compliance with the affordability requirement for assisted units, unless affordability restrictions are terminated due to the sale of the Properties to a non-qualified buyer in which event the Resale Provisions of Section 5 of this Agreement pertain. Habitat shall assure compliance with affordability of each of the assisted units at the time it sells each of the ten (10) dwelling units, pursuant to the "Declaration of Restrictive Covenants" on the Property recorded in the Orange County Registry at Book 3710, Page 314, Book 3936, Page 434 and at Book 3936, Page 465 on the Properties. These Declaration shall constitute and remain a first lien on the Properties during the period of affordability. It is further the responsibility of Habitat to rerecord the Declaration of Restrictive Covenants no later than one day before the expiration of 30 years of the date of its sale of each of the ten (10) dwelling units in the event the homeowner purchasing the property from Habitat is still the owner of the dwelling unit at the time of the rerecording and no later than one day before the expiration of 30 years of the sale of the ten (10)) dwelling units. County retains the right to periodically and every 30 years after the first recording of the Declaration of Restrictive Covenants on the Properties to register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Properties as provided in North Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Section of this Agreement that the 99 year affordability requirement contained herein be accomplished and that Habitat and the County will do what is necessary to ensure that the same is not extinguished by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. Both Habitat and County agree to do what each must do to accomplish the 99-year affordability requirement.