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Exhibit B <br />thereof whether voluntarily or involuntarily or by operation of law ("Transfer") shall not <br />be effective unless and until the below-described procedure is followed. <br />b. Ri~ht of Fi t Re ~cal_ If the original homebuyer or any subsequent <br />qualified homebuyer ("Buyer") contemplates a Transfer to a non low-income household <br />as defined herein, Buyer shall send to Orange County and EmPOWERment, Inc., at the <br />addresses noted in the Notice section of this Declaration, not Iess than 90 days prior to <br />the contemplated closing date of the Transfer, a"Notice of Intent to Sell." This Notice of <br />Intent to Sell shall be accompanied by a copy of a completed, fully executed bona fide <br />offer to purchase the Property on the then current North Carolina Bar Association "Offer <br />to Purchase and Contract" form. If Ora.nge County or EmPOWERment, Inc. elects to <br />exercise its said right of refusal, it shall notify the Buyer of its election to purchase within <br />30 days of its receipt of the Notice and shall purchase the Property or portion thereof <br />within 90 days of the receipt of the "Notice of Intent to Sell." As between Orange County <br />and EmPOWERment, Inc., if both wish to and have the means to exercise the right of <br />first refusal, EmPOWERment, Inc. shall have priority. <br />c. Sales After Failure to Exercise Rights of Refusal. If neither Orange County nor <br />EmPOWERment, NC, Inc. advise the Buyer in a timely fashion of an intent to purchase <br />the Property, then the Buyer shall be free to Transfer the property in accordance with this <br />Section. <br />d. Assignabilit~, Orange County and EmPOWERment, NC, Inc. each may assign <br />their said rights of first refusal, one to the other, without the Buyer's consent. <br />B. Resale Provisions <br />a. 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 their <br />interest in the Property only to a qualified homebuyer, i.e., a low-income household, one <br />whose combined income does not exceed 80% of the area median household income by <br />family size, as determined by the U.S. Department of Housing and Urban Development <br />at the time of the transfer, to use as their principal residence. <br />b. 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-Time <br />Homebuyer Program portion of the County's Long-Term Housing Affordability Policy <br />must be followed and the net sales proceeds (sales price less: (1) selling cost, (2) the <br />unpaid principal amount of the original first mortgage and (3) the unpaid principal <br />amount of the initial Counry contribution and any other initial government contribution <br />secured by a deferred payment promissory note and deed of trust) or "equity" will be <br />divided SO/50 by the seller of the Property and the County. <br />c. The resale provisions shall remain in effect for the full affordability period - 99 <br />years. <br />C. Owner covenants that it will not knowingly take or permit any action that would result in <br />a violation of the affordability requirements of the Federal HOME Investment Partnership <br />Declaration of Restrictive Covenants <br />Page 4 <br />