S Grant Agreement Housing Trust Fund – Approve Transfer of Appropriation

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for providing status reports to the County quarterly detailing the project activities until project completion. The project completion date is the closing date of the purchase by a qualified buyer of the proposed housing unit. In the event that OCHLT is unable to proceed with any aspect of the project in a timely manner, and County and OCHLT determine that reasonable extension(s) for completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. OCHLT 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 completion date or declare OCHLT in default. OCHLT shall monitor the housing unit for affordability for the period of affordability — ninety-nine (99) years. Final completion of this Grant Agreement shall be the latest end date of the assisted unit affordability period. 4. Affordability Requirement. Each unit must remain affordable for a period of ninety- nine years. OCHLT retains full responsibility for compliance with the affordability requirement for the housing unit, unless affordability restrictions are terminated due to the sale of the Property to a non-qualified buyer in which event the Resale Provisions of Section 5 of this Agreement pertain. OCHLT shall assure compliance with affordability of the housing unit by having recorded, at the time of the sale of the housing unit, a "Declaration of Restrictive Covenants" (EXHIBIT C) on the Property. This Declaration shall constitute and remain a first lien on the Property during the period of affordability. It is further the responsibility OCHLT 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 ground lease created in Exhibit B hereof, 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 § 4713-4 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 3 of this Declaration that the 99 year duration of this Declaration of Restrictive Covenants be accomplished and that any future owner of the Property, OCHLT and Orange County will do what is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of time, preemptive rights in the Property and 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. Any future owner of the Property , OCHLT and Orange County will to do what each must do to accomplish the 99 year duration of this Declaration of Restrictive Covenants. 5. Resale Provisions. OCHLT shall assure compliance with affordability of the assisted unit through the Declaration of Restrictive Covenants and the Ground Lease.