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2001 S Housing - Chapel Hill HOME Program Second Mortgage Assistance
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2001 S Housing - Chapel Hill HOME Program Second Mortgage Assistance
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Last modified
10/31/2012 9:23:52 AM
Creation date
10/15/2012 4:49:46 PM
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BOCC
Date
6/19/2001
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
8r
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Agenda - 06-19-2001-8r
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\Board of County Commissioners\BOCC Agendas\2000's\2001\Agenda - 06-19-2001
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original first mortgage and (3) the unpaid principal amount of the initial County <br /> contribution and any other initial government contribution secured by a deferred payment <br /> promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of the <br /> 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 Orange County or of the Federal HOME <br /> Investment Partnership Program. Orange County, together with Owner, may execute and record <br /> any amendment or modification of this Declaration and such amendment or modification shall be <br /> binding on third parties granted rights under this Declaration. <br /> D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br /> restrictions provided in this Declaration is to assure compliance with the affordability <br /> requirements of Orange County and the Federal HOME Investment Partnership Program, AND <br /> BY REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING FEDERAL <br /> HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY <br /> HEREBY AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE ENTITLED, <br /> FOR ANY BREACH OF THE PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER <br /> REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE BY SPECIFIC <br /> PERFORMANCE OWNER'S OBLIGATIONS UNDER THIS DECLARATION IN A STATE <br /> COURT OF COMPETENT JURISDICTION, WITH VENUE IN ORANGE COUNTY. Owner <br /> hereby further specifically acknowledges that the beneficiaries of Owner's obligations hereunder <br /> cannot be adequately compensated by monetary damages in the event of any default hereunder. <br /> E. This Declaration may be enforced by Orange County or its designee in the event Owner <br /> fails to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br /> against any person or persons violating or attempting to violate any covenant. If legal costs are <br /> incurred by Orange County, such legal costs, including attorney fees and court costs (including <br /> costs of appeal), are the responsibility of, and may be recovered from the Owner. <br /> SECTION 6 MISCELLANEOUS <br /> a. Severability. The invalidity of any clause,part, or provision of this Declaration shall not <br /> affect the validity of the remaining portions thereof. <br /> b. Notices. Any Notice shall be in writing and shall be given by depositing the same <br /> in the United States mail, post-paid and registered or certified, and addressed to the party to be <br /> notified, with return-receipt requested, or by delivering the same in person to an officer or <br /> principal of such party. Notice deposited in the mail in the manner hereinabove described shall <br /> be effective upon mailing. For purposes of Notice, the addresses of the parties shall, unless <br /> changed as hereinafter provided,be as follows: <br /> Declaration of Restrictive Covenants <br /> Page 5 <br />
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