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1 <br /> 17 <br /> The project completion date is the closing date of the purchase by a qualified buyer of the <br /> last of the 32 units to be constructed for first time homebuyers. In the event that OCHLT <br /> is unable to proceed with any aspect of the project in a timely manner, and County and <br /> OCHLT determine that reasonable extension(s) for completion will not remedy the <br /> situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) <br /> shall pertain. OCHLT may, at its option, submit a written request for a delay of <br /> completion for County approval. The County may, at its option, approve any delay in <br /> the completion date or declare OCHLT in default. <br /> OCHLT shall monitor the constructed units 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 /> 4. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br /> nine years. OCHLT retains full responsibility for compliance with the affordability <br /> requirement for assisted units, 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 5 of this Agreement pertain. OCHLT shall assure compliance with affordability <br /> of assisted units by having recording, at the time it sells each of the fourteen dwelling <br /> units, a "Declaration of Restrictive Covenants" (EXHIBIT C) on the Property. This <br /> Declaration shall constitute and remain a first lien on the Property during the period of <br /> affordability. <br /> It is further the ,responsibility of OCHLT to rerecord the Declaration of Restrictive <br /> Covenants no later than one day before the expiration of 30 years of the date of its sale of <br /> each of the fourteen dwelling units in the event the homeowner purchasing the property <br /> from OCHLT is still the owner of the dwelling unit at the time of the rerecording. County <br /> retains the right to periodically and every 30 years after the first recording of the <br /> Declaration of Restrictive Covenants on the Property to register, with the Register of <br /> Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the <br /> Property as provided in North Carolina General Statute § 47134 or any comparable <br /> preservation law in effect at the time of the recording of the notice of preservation. It is <br /> the intent of this Section of this Agreement that the 99 year affordability requirement <br /> contained herein be accomplished and that OCHLT and the County will do what is <br /> necessary to ensure that the same is not extinguished by the Real Property Marketable <br /> Title Act or any comparable law purporting to extinguish, by the passage of time, non <br /> possessory interests in real property. Both OCHLT and County agree to do what each <br /> must do to accomplish the 99 year affordability requirement. <br /> 5. Resale Provisions. OCHLT shall assure compliance with affordability of assisted units <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 /> Improvements: <br /> 5.1 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 <br />