2001 S Housing - Habitat for Humanity of Orange Co for HOME funding

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i. Habitat is responsible for verifying the income of the homebuyers, explaining the Program to potential homebuyers and certifying by written documentation signed by the homebuyer that the program requirements have been fully explained. Habitat shall maintain purchaser files as part of its Books and Records as required and for the period of time required by Section 6.c. of this Agreement. 2. In the event property is acquired for rehabilitation and resale without identifying a prospective homebuyer, Habitat agrees to identify a qualified buyer and complete the sell of the property to the homebuyer within one hundred twenty days (120) days of the date of acquisition of the property by Habitat. Failure to abide by this provision will constitute an Event of Default as defined in Paragraph 6b. of this agreement. 3. The County and Habitat agree to comply with the Act, its regulations and Federal Program Requirements in the purchase and sale of the Property. The County and Habitat further agree to comply with the provisions of the Funding Approval and HOME Partnership Agreement dated August 1, 2000 and hereby incorporated into this Agreement. 4. Affordability Requirement Each unit must remain affordable for a period of ninety- nine years. Habitat retains full responsibility for compliance with the affordability requirement for assisted units, unless affordability restrictions are terminated due to the sale of the Property to a non-qualified buyer in which event the Resale Provisions of Section 5 of this Agreement pertain. Habitat shall assure compliance with affordability of assisted units by having recording, at the time it sells a dwelling unit, a "Declaration of Restrictive Covenants" (EXHIBIT B) on the Property. This Declaration shall constitute and remain a first lien on the Property during the period of affordability. It is further the responsibility of Habitat to rerecord the Declaration of Restrictive Covenants no later than one day before the expiration of 30 years of the date of sale of each dwelling unit in the event the homeowner purchasing the property from Habitat is still the owner of the dwelling unit at the time of the re-recording. County retains the right to periodically and every 30 years after the first recording of the Declaration of Restrictive Covenants on the Property to register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided in North Carolina General Statute § 4713-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Section of this Agreement that the 99 year affordability requirement contained herein be accomplished and that Habitat and the County will do what is necessary to ensure that the same is not extinguished by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. Both Habitat and County agree to do what each must do to accomplish the 99 year affordability requirement. 5. Resale Provisions. Habitat shall assure compliance with affordability of assisted units through the Declaration of Restrictive Covenants. The Declaration of Restrictive 5