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~2~.99 Pac~395 <br />- ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br />assisted unit affordability periods. <br />4. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br />nine years. Habitat retains full responsibility for compliance with the affordability <br />requirement for assisted units, unless affordability restrictions are terminated due to the <br />sale of the Property to a non-qualified buyer in which event the Resale Provisions of <br />Section 5 of this Agreement pertain. Habitat shall assure compliance with affordability of <br />assisted units by having recorded, at the time it sells each of the twenty-five dwelling <br />units, a"Declaration of Restrictive Covenants" on the Property. This Declaration shall <br />constitute and remain a first lien on the Property during the period of affordability. <br />It is further the responsibility of Habitat to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of its sale of <br />each of the twenty-five dwelling units in the event the homeowner purchasing the <br />property from Habitat is still the owner of the dwelling unit at the time of the rerecording. <br />County retains the right to periodically and every 30 years after the first recording of the <br />Declaration of Restrictive Covenants on the Property to register, with the Register of <br />Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the <br />Property as provided in North Carolina General Statute § 47B-4 or any comparable <br />preservation law in effect at the time of the recording of the notice of preservation. It is <br />the intent of this Section of this Agreement that the 99 year affordability requirement <br />contained herein be accomplished and that Habitat and the County will do what is <br />necessary to ensure that the same is not extinguished by the Real Property Marketable <br />Title Act or any comparable law purporting to extinguish, by the passage of time, non <br />possessory interests in real property. Both Habitat and County agree to do what each must <br />do to accomplish the 99 year affordability requirement. <br />5. Resale Provisions. Habitat shall assure compliance with affordability of assisted units <br />through the Declaration of Restrictive Covenants. The Declaration of Restrictive <br />Covenants shall include at least the following elements in their resale provisions for the <br />Improvements: <br />5.1 If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of <br />their interest in the Property only to a qualified homebuyer, i.e., a low-income <br />household, one whose combined income does not exceed 80% of the area median <br />household income by family size, as determined by the U.S. Department of <br />Housing and Urban Development at the time of the transfer, to use as their <br />principal residence. <br />5.2 However, if the property is sold during the term of affordability to a non-qualified <br />homebuyer, the Right of First Refusal provision of the New and Existing First- <br />Time Homebuyer Program portion of the County's Long-Term Housing <br />Affordability Policy must be followed and the net sales proceeds (sales price less: <br />(1) customary seller's closing costs, (2) the unpaid principal amount of the <br />original first mortgage and (3) the unpaid principal amount of the 1997 Orange <br />County Housing Bond Program contribution and any other future government <br />3 <br />