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SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br /> REQUIREMENTS <br /> A. Rights of Refusal <br /> a. Grant and Effect. Orange County and EmPOWERment, Inc. each are herein <br /> granted a right of first refusal to purchase the property as described in this Section. Any <br /> assignment, sale, transfer, conveyance, or other disposition of the Property or any part <br /> thereof whether voluntarily or involuntarily or by operation of law ("Transfer") shall not <br /> be effective unless and until the below-described 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 EmPOWERment, Inc., at the <br /> addresses noted in the Notice section of this Declaration, not less than 90 days prior to <br /> the contemplated closing date of the Transfer, a"Notice of Intent to Sell."This Notice of <br /> Intent to Sell shall be accompanied by a copy of a completed, fully executed bona fide <br /> offer to purchase the Property on the then current North Carolina Bar Association "Offer <br /> to Purchase and Contract" form. If Orange County or EmPOWERment, Inc. elects to <br /> exercise its said right of refusal, it shall notify the Buyer of its election to purchase within <br /> 30 days of its receipt of the Notice and shall purchase the Property or portion thereof <br /> within 90 days of the receipt of the"Notice of Intent to Sell." As between Orange County <br /> and EmPOWERment, Inc., if both wish to and have the means to exercise the right of <br /> first refusal, EmPOWERment, Inc. shall have priority. <br /> C. Sales After Failure to Exercise Rights of Refusal. If neither Orange County nor <br /> EmPOWERment, NC, Inc. advises the Buyer in a timely fashion of intent to purchase the <br /> Property, then the Buyer shall be free to Transfer the property in accordance with this <br /> Section. <br /> d. Assignability. Orange County and EmPOWERment, NC, Inc. each may assign <br /> their said rights of first refusal, one to the other,without 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 /> Homebuyer Program portion of the County's Long-Term Housing Affordability Policy <br /> must be followed and the net sales proceeds (sales price less: (1) selling cost, (2) the <br /> Declaration of Restrictive Covenants <br /> Page 4 <br />