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NORTH CAROLINA <br />ORANGE COUNTY <br />AMENDMENT TO DEVELOPMENT AGREEMENT <br />THIS AMENDMENT, made and entered into this the 14 day of April, 2012 by and <br />between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, <br />(hereinafter referred to as the "County ") and HABITAT FOR HUMANITY OF ORANGE <br />COUNTY, NC, INC., a North Carolina non - profit housing organization (hereinafter referred to <br />as "Habitat "). <br />WITNESSTH <br />WHEREAS, the County and Habitat entered into a "Development Agreement" ( "Original <br />Agreement "), dated February 10, 2012 in which the County on behalf of the Orange County <br />HOME Consortium designated FY 2011 HOME funds to Habitat to provide second mortgage <br />funds to ten (10) housing units in the Phoenix Place subdivision in Orange County; and <br />WHEREAS, the County and Habitat desire to amend the Original Agreement, while <br />keeping in effect all terms and conditions of the Original Agreement not inconsistent with the <br />terms and conditions set forth below. <br />NOW THEREFORE, for and in consideration of the mutual covenants and agreements <br />made herein, the parties agree to amend the following sections of the Original Agreement as <br />follows: <br />1. In the second paragraph amend as follows: <br />WHEREAS, the Orange County HOME Consortium has designated $175,000 in FY <br />2011 HOME funds for providing second mortgage funds for ten (10) housing units in <br />the Phoenix Place subdivision in Orange County which are hereinafter designated as <br />"the Properties" and; <br />2. In Section l.c. amend as follows: <br />c. The funding provided by the County will be provided as a fixed subsidy in the <br />form of a deferred second mortgage to the individual families at the time of sale to <br />them. The investment will be secured by a forty (40) year Deed of Trust and <br />Promissory Note, forgivable at the end of 40 years. This Deed of Trust and <br />Promissory Note shall constitute a lien on the Properties, subordinate only to the <br />Declaration of Restrictive Covenants described in paragraph 4 of this Agreement, <br />with the County as the secured party/beneficiary. At the time of closing of the sale of <br />each of the dwelling units to a homebuyer, the homebuyer shall receive $17,500.00 in <br />