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2001 S Housing - Habitat for Humanity of Orange Co for HOME funding
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2001 S Housing - Habitat for Humanity of Orange Co for HOME funding
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Last modified
10/31/2012 9:14:34 AM
Creation date
10/18/2012 11:51:54 AM
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BOCC
Date
8/14/2001
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
8l
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Agenda 08-14-2001 - 8l
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\Board of County Commissioners\BOCC Agendas\2000's\2001\Agenda - 08-14-2001
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Exhibit B <br /> herein. This declaration shall terminate ninety-nine years after Project Completion, <br /> unless Orange County Federal HOME Investment Partnership Program affordability <br /> restrictions are terminated due to the sale of the Property to a non-qualified buyer as <br /> provided herein. <br /> SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br /> THE LAND <br /> a. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br /> amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange <br /> County. The Owner shall pay all fees and charges incurred in connection therewith. <br /> b. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br /> Project during the term of this Declaration, that this Declaration and the covenants and <br /> restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br /> transfer of the Property (1) shall be and are covenants running with the land, encumbering the <br /> Property for the term of this declaration, binding upon Owner's successors in title and all <br /> subsequent Owners of the Property; (2) are not merely personal covenants of Owner; and (3) <br /> shall bind Owner(and the benefits shall inure to the County and any past,present or prospective <br /> owner of the Property) and its respective successors and assigns during the term of this <br /> Declaration. Owner hereby agrees that any and all requirements or privileges of estate are <br /> intended to be satisfied, or in the alternate, that an equitable servitude has been created to insure <br /> that these restrictions run with the Property. For the term of this Declaration, each and every <br /> contract, deed or other instrument hereafter executed conveying the Property or portion thereof <br /> shall expressly provide that such conveyance is subject to this Declaration, provided, however, <br /> the covenants contained herein shall survive and be effective regardless of whether such <br /> contracts, deed, or other instrument hereafter executed conveying the Property or portion thereof <br /> provides that such conveyance is subject to this Declaration. It is further the responsibility of <br /> Owner to rerecord the Declaration of Restrictive Covenants no later than one day before the <br /> expiration of 30 years of the date of its sale of each of the 5 dwelling units in the event the <br /> homeowner purchasing the property from Owner is still the owner of the dwelling unit at the <br /> time of the re-recording. Orange County retains the right to periodically and every 30 years after <br /> the first recording of the Declaration of Restrictive Covenants on the Property to register, with <br /> the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants <br /> on the Property as provided in North Carolina General Statute § 4713-4 or any comparable <br /> preservation law in effect at the time of the recording of the notice of preservation. It is the <br /> intent of this Section of this Declaration that the 99 year affordability requirement contained <br /> herein be accomplished and that Owner and Orange County will do what is necessary to ensure <br /> that the same is not extinguished by the Real Property Marketable Title Act or any comparable <br /> law purporting to extinguish, by the passage of time, non possessory interests in real property. <br /> Both Owner and Orange County agree to do what each must do to accomplish the 99-year <br /> affordability requirement. <br /> Declaration of Restrictive Covenants <br /> Page 3 <br />
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