2001 S Housing - EMPOWERMENT INC HOME Program Second Mortgage Assistance

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Exhibit B DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated , by EmPOWERment, Inc. and its successors and assigns (Owner), is given as a condition precedent to the award of Federal HOME Investment Partnership Program funds by Orange County, a body politic and corporate, a political subdivision of the State of North Carolina,together with any successor to its rights, duties, and obligations. RECITALS: WHEREAS, the Orange County HOME Consortium has designated $30,250 in FY 2000 HOME funds and $69,750 in FY 2001 HOME funds for the purpose of providing second mortgage assistance for up to eight (8) low and moderate income families assisted in their housing search by EmPOWERment, Inc. hereinafter referred to as the "Project"; and WHEREAS, the Project will be carried out at properties located in Orange County, the particular property of which that pertains to their Declaration is more particularly described in Exhibit A attached hereto and made a part of this Agreement (hereafter referred to as the "Property"); and WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so designated in an agreement dated July 1, 1997 and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance wit the Title 11 of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(4) et. seq.) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, EmPOWERment, Inc., is a local non-profit housing corporation interested in serving as the sponsor,developer,and/or advocate for potential first-time homebuyers; WHEREAS, a first-time homebuyer for the purposes of this program is defined as any household earning up to 80% of HUD area median income that has not owned a home within the past three (3) years including households living in manufactured housing not permanently affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation. WHEREAS, Orange County requires and Owner agrees to the requirement, as a condition precedent to the awarding of HOME Investment Partnership Program funds, that Owner execute, deliver and record this Declaration in the Office of the Register of Deeds of Orange County in order to create certain covenants pertaining to the Property and running with the land for the purpose of enforcement of the affordability requirements of the HOME Investment Partnership Program. NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth and of other valuable consideration, the receipt and sufficiency of which is hereby Declaration of Restrictive Covenants Page 1