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16 <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br /> representations contained herein, it is agreed between the parties hereto as follows: <br /> 1. a. OCHLT shall construct the dwelling units defined in the Project, obtain all <br /> permits and licenses necessary to construct the homes on the Property, and comply with <br /> applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy <br /> Standards. The Project shall be undertaken without residential displacement. <br /> b. OCHLT shall sell the newly constructed dwelling units to qualified buyers <br /> whose income up to 80% of the area median household income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development at the time of <br /> the sale. <br /> C. The bond funding and housing trust funding provided by the County will be <br /> provided as a grant at the time of sale to them. <br /> d. The period of affordability will be 99 years and will be secured by a CLT <br /> Land Lease with restrictions to ensure compliance. Further, a Declaration of Restrictive <br /> Covenants that will incorporate a right of first refusal that may be exercised by OCHLT <br /> and/or Orange County. <br /> e. OCHLT is responsible for soliciting buyers for the dwelling units constructed <br /> on the Property. OCHLT and/or its buyers shall be responsible for securing permanent <br /> mortgage financing for the homes built on the Property. <br /> f. OCHLT is responsible for verifying the income of the homebuyers, <br /> explaining the second mortgage program to potential homebuyers and certifying by <br /> written documentation signed by the homebuyer that the program requirements have <br /> been fully explained. OCHLT shall maintain purchaser files as part of its Books and <br /> Records as required and for the period of time required by Section 6.c. of this Agreement. <br /> 2. Progress Payments. The County shall make progress payments, when requested by <br /> OCHLT, as the work progresses. Payments shall be based upon work completed and <br /> approved by County. Progress payment requests shall be based on actual costs incurred <br /> by OCHLT identified in the Budget as described in attached Exhibit B. Payment requests <br /> shall be accompanied by copies of documentation for actual expenses. Request amounts <br /> shall be verified by County for satisfactory completion prior to payment. <br /> 3. Time for Commencement and Completion. Actual construction must begin within <br /> three (3) years of the original application date. OCHLT will responsible for providing <br /> status reports to the County quarterly detailing the project activities until project <br /> completion. In addition, OCHLT agrees to furnish to the County a copy of its annual <br /> audit performed by a certified public accountant within 90 days of the end of each fiscal <br /> year until the Project is complete. <br />