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Exhibit B <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br /> REQUIREMENTS <br /> A. Rights of Refusal <br /> a. Grant and Effect. Orange County and Habitat for Humanity of Orange <br /> County, NC, Inc. each are herein granted a right of first refusal to purchase the property <br /> as described in this Section. Any assignment, sale, transfer, conveyance, or other <br /> disposition of the Property or any part thereof whether voluntarily or involuntarily or by <br /> operation of law ("Transfer") shall not be effective unless and until the below-described <br /> procedure is followed. <br /> b. Right of First Refusal. If the original homebuyer or any subsequent <br /> qualified homebuyer ("Buyer") contemplates a Transfer to a non low-income household <br /> as defined herein, Buyer shall send to Orange County and Habitat for Humanity of <br /> Orange County, NC, Inc. at the addresses noted in the Notice section of this Declaration, <br /> not less than 90 days prior to the contemplated closing date of the Transfer, a "Notice of <br /> Intent to Sell." This Notice of Intent to Sell shall be accompanied by a copy of a <br /> completed, fully executed bona fide offer to purchase the Property on the then current <br /> North Carolina Bar Association"Offer to Purchase and Contract" form. If Orange County <br /> or Habitat for Humanity of Orange County, NC, Inc. elects to exercise its said right of <br /> refusal, it shall notify the Buyer of its election to purchase within 30 days of its receipt of <br /> the Notice and shall purchase the Property or portion thereof within 90 days of the receipt <br /> of the"Notice of Intent to Sell."As between Orange County and Habitat for Humanity of <br /> Orange County, NC, Inc., if both wish to and have the means to exercise the right of first <br /> refusal, Habitat for Humanity of Orange County,NC, Inc. shall have priority. <br /> C. Sales After Failure to Exercise Rights of Refusal. If neither Orange County nor <br /> Habitat for Humanity of Orange County, NC, Inc., NC, Inc. advise the Buyer in a timely <br /> fashion of an intent to purchase the Property, then the Buyer shall be free to Transfer the <br /> property in accordance with this Section. <br /> d. Assignability. Orange County and Habitat for Humanity of Orange County, NC, <br /> Inc., NC, Inc. each may assign their said rights of first refusal, one to the other, without <br /> the Buyer's consent. <br /> B. Resale Provisions <br /> a. If the buyer no longer uses the Property as a principal residence or is unable to <br /> continue ownership, then the buyer must sell, transfer, or otherwise dispose of their <br /> interest in the Property only to a qualified homebuyer, i.e., a low-income household, one <br /> whose combined income does not exceed 80% of the area median household income by <br /> family size, as determined by the U.S. Department of Housing and Urban Development at <br /> the time of the transfer,to use as their principal residence. <br /> b. However, if the property is sold during the term of affordability to a non-qualified <br /> homebuyer, the Right of First Refusal provision of the New and Existing First-Time <br /> Declaration of Restrictive Covenants <br /> Page 4 <br />