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Exhibit B <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br />THE LAND <br />a. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange <br />County. The Owner shall pay all fees and charges incurred in connection therewith. <br />b. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br />Project during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br />transfer of the Property (1) shall be and are covenants running with the land, encumbering the <br />Property for the term of this declaration, binding upon Owner's successors in title and all <br />subsequent Owners of the Property; (2) are not merely personal covenants of Owner; and (3) <br />shall bind Owner (and the benefits shall inure to the County and any past, present or prospective <br />owner of the Property) and its respective successors and assigns during the term of this <br />Declaration. Owner hereby agrees that any and all requirements or privileges of estate are <br />intended to be satisfied, or in the altemate, that an equitable servitude has been created to insure <br />that these restrictions run with the Property. For the term of this Declaration, each and every <br />contract, deed or other instrument hereafter executed conveying the Property or portion thereof <br />shall expressly provide that such conveyance is subject to this Declaration, provided, however, <br />the covenants contained herein shall survive and be effective regardless of whether such <br />contracts, deed, or other instrument hereafter executed conveying the Property or portion <br />thereof provides that such conveyance is subject to this Declaration. It is further the <br />responsibility of Owner to rerecord the Declaration of Restrictive Covenants no later than one <br />day before the expiration of 30 years of the date of its sale of each of the 5 dwelling units in the <br />event the homeowner purchasing the property from Owner is still the owner of the dwelling unit <br />at the time of the re-recording. Orange County retains the right to periodically and every 30 <br />years after the first recording of the Declaration of Restrictive Covenants on the Property to <br />register, with the Register of Deeds of Orange County, a notice of preservation of the <br />Restrictive Covenants on the Property as provided in North Carolina General Statute § 47B-4 or <br />any comparable preservation law in effect at the time of the recording of the notice of <br />preservation. It is the intent of this Section of this Declaration that the 99 year affordability <br />requirement contained herein be accomplished and that Owner and Orange County will do what <br />is necessary to ensure that the same is not extinguished by the Real Property Marketable Title <br />Act or any comparable law purporting to extinguish, by the passage of time, non possessory <br />interests in real properly. Both Owner and Orange County agree to do what each must do to <br />accomplish the 99-year affordability requirement. <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br />REQUIREMENTS <br />A. Rights of Refusal <br />a. Grant and Effect. Orange County and EmPOWERment, Inc. each are herein <br />granted a right of first refusal to purchase the property as described in this Section. Any <br />assignment, sale, transfer, conveyance, or other disposition of the Property or any part <br />Declaration of Restrictive Covenants <br />Page 3 <br />