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7 <br />Agreement. EmPOWERment must provide the County an initial occupancy report <br />verifying the income eligibility of all tenants at the time of initial lease -up. Each year <br />thereafter EmPOWERment must furnish the County with an annual report on the project <br />by July 31 of each year certifying that all tenants earn less than 80% of the area median <br />income by family size, as determined by the U.S. Department of Housing and Urban <br />Development and as amended from time to time. <br />2. Time for Commencement and Completion. In addition, EmPOWERment agrees to <br />furnish to the County a copy of its annual audit, performed by a certified public <br />accountant within 90 days of the end of the fiscal year of expenditure of the HOME <br />Program Funding. <br />The Project Completion Date must not exceed November 1, 2001 and is date the property <br />is acquired, rehabilitated if necessary, and occupied by a low- income family. In the <br />event that EmPOWERment is unable to proceed with any aspect of the Project in a timely <br />manner, and County and EmPOWERment determine that reasonable extension(s) for <br />completion will not remedy the situation, then the Termination of Agreement provisions <br />of this Agreement (Section 6.a.) shall pertain. EmPOWERment may, at its option, submit <br />a written request for a delay of completion for County approval. The County may, at its <br />option, approve any delay in the completion date or declare EmPOWERment in default. <br />EmPOWERment shall monitor the constructed units for affordability for the period of <br />affordability — ninety -nine (99) years. Final contract completion date shall be the latest <br />end date of all assisted unit affordability periods. <br />3. Affordability Requirement. Each unit must remain affordable for a period of ninety - <br />nine years. EmPOWERment retains full responsibility for compliance with the <br />affordability requirement for assisted units, unless affordability restrictions are <br />terminated due to the sale of the Property to a non - qualified buyer in which event the <br />Resale Provisions of Section 4 of this Agreement pertain. EmPOWERment shall assure <br />compliance with affordability of assisted units by having recorded a "Declaration of <br />Restrictive Covenants" (EXHIBIT C) on the Property. This Declaration shall constitute <br />and remain a first lien on the Property during the period of affordability. <br />It is further the responsibility of EmPOWERment to rerecord the Declaration of <br />Restrictive Covenants no later than one day before the expiration of 30 years of the date <br />of the purchasing the property in the event that EmPOWERment is still the owner of the <br />dwelling units at the time of the rerecording. County retains the right to periodically and <br />every 30 years after the first recording of the Declaration of Restrictive Covenants on the <br />Property to register, with the Register of Deeds of Orange County, a notice of <br />preservation of the Restrictive Covenants on the Property as provided in North Carolina <br />General Statute § 47B -4 or any comparable preservation law in effect at the time of the <br />recording of the notice of preservation. It is the intent of this Section of this Agreement <br />that the 99 year affordability requirement contained herein be accomplished and that <br />EmPOWERment and the County will do what is necessary to ensure that the same is not <br />extinguished by the Real Property Marketable Title Act or any comparable law <br />