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Exhibit B <br /> Prepared by and return to: Geoffrey E. Gledhill,P.O. Drawer 1529, <br /> Hillsborough,NC 27278 <br /> DECLARATION OF RESTRICTIVE COVENANTS <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br /> , by Orange Community Housing and Land Trust, Inc, and its successors <br /> and assigns (Owner), is given as a condition precedent to the award of Federal HOME <br /> Investment Partnership Program funds by Orange County, a body politic and corporate, a <br /> political subdivision of the State of North Carolina, together with any successor to its rights, <br /> duties, and obligations. <br /> RECITALS: <br /> WHEREAS, the Orange County HOME Consortium has designated $18,340 in FY 2001 <br /> HOME funds for the purpose of conveying these funds to Orange Community Housing and Land <br /> Trust for the acquisition of a building lot on Dillard Street in Carrboro hereinafter referred to as the <br /> "Project", which property is more particularly described in Exhibit A attached hereto and made a <br /> part of this Agreement(hereinafter referred to as the "Property"); and <br /> WHEREAS,the County is the lead entity of the Orange HOME Consortium, so designated <br /> in an agreement dated July 1, 1999 and as such is the lead entity in a representative capacity for all <br /> members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br /> accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. <br /> 101-625), (42 U.S.C. 3535(d.) et. seq.) (hereinafter referred to as the "Act'), and as further defined <br /> in the Federal` Program Requirements providLu' by the U.S. Department of Housing and Urban <br /> Development;and <br /> WHEREAS, Orange Community Housing and Land Trust intends to partner with Habitat <br /> for Humanity of Orange County, NC, Inc. to develop one single-family dwelling unit at this <br /> property for purchase by a first-time homebuyer;and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> low-income household that has not owned a home within the past three (3) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or owner- <br /> occupants of homes not feasible for rehabilitation; and <br /> WHEREAS, the Project will be carried out on the Property; and <br /> WHEREAS,the land will be held by OCHLT, ensuring affordability of the homes for at <br /> least 99 years; and <br /> WHEREAS, Orange County requires and Owner agrees to the requirement, as a <br /> condition precedent to the awarding of HOME Investment Partnership Program funds, that <br /> Owner execute, deliver and record this Declaration in the Office of the Register of Deeds of <br /> 1 <br />