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2. Time for Commencement and Completion. In addition, the Town agrees to furnish to <br /> the County a copy of its annual audit, performed by a certified public accountant within <br /> 90 days of the end of the fiscal year of expenditure of the HOME Program Funding. <br /> The Project Completion Date must not exceed November 1, 2002 and is date the property <br /> is acquired, rehabilitated if necessary, and occupied by a low-income family. In the <br /> event that the Town is unable to proceed with any aspect of the Project in a timely <br /> manner, and County and the Town determine that reasonable extension(s) for completion <br /> will not remedy the situation, then the Termination of Agreement provisions of this <br /> Agreement (Section 6.a.) shall pertain. The Town may, at its option, submit a written <br /> request for a delay of completion for County approval. The County may, at its option, <br /> approve any delay in the completion date or declare the Town in default. <br /> The Town shall monitor the constructed unit 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. The unit must remain affordable for a period of ninety-nine <br /> years. The Town retains full responsibility for compliance with the affordability <br /> requirement for assisted unit, unless affordability restrictions are terminated due to the <br /> sale of the Property to a non-qualified buyer in which event the Resale Provisions of <br /> Section 4 of this Agreement pertain. The Town shall assure compliance with affordability <br /> of the assisted unit by having recorded a "Declaration of Restrictive Covenants" <br /> (EXHIBIT B) on the Property. This Declaration shall constitute and remain a first lien on <br /> the Property during the period of affordability. <br /> It is further the responsibility of the Town to rerecord the Declaration of Restrictive <br /> Covenants no later than one day before the expiration of 30 years of the date of the <br /> purchasing the property in the event that the Town is still the owner of the dwelling unit <br /> at the time of the rerecording. County retains the right to periodically and every 30 years <br /> 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 § <br /> 47B-4 or any comparable preservation law in effect at the time of the recording of the <br /> notice of preservation. It is the intent of this Section of this Agreement that the 99 year <br /> affordability requirement contained herein be accomplished and that the Town and the <br /> County will do what is necessary to ensure that the same is not extinguished by the Real <br /> Property Marketable Title Act or any comparable law purporting to extinguish, by the <br /> passage of time, non possessory interests in real property. Both the Town and County <br /> agree to do what each must do to accomplish the 99 year affordability requirement. <br /> 4. Resale Provisions. The Town shall assure compliance with affordability of assisted unit <br /> through the Declaration of Restrictive Covenants. The Declaration of Restrictive <br /> Covenants shall include at least the following elements in their resale provisions for the <br /> 3 <br />