2001 NS Housing - HOME Program – Property Acquisition

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5 the U.S. Department of Housing and Urban Development and as amended from time to time. 2. Time for Commencement and Completion. In addition, The Town agrees to furnish to the County a copy of its annual audit, performed by a certified public accountant within 90 days of the end of the fiscal year of expenditure of the HOME Program Funding. The Project Completion Date must not exceed November 1, 2001 and is date the property is acquired, rehabilitated if necessary, and occupied by a low-income family. In the event that The Town is unable to proceed with any aspect of the Project in a timely manner, and County and The Town determine that reasonable extension(s) for completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. The Town may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or declare The Town in default. The Town shall monitor the constructed units for affordability for the period of affordability — ninety-nine (99) years. Final contract completion date shall be the latest end date of all assisted unit affordability periods. 3. Affordability Requirement. Each unit must remain affordable for a period of ninety- nine years. The Town 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 4 of this Agreement pertain. The Town shall assure compliance with affordability of assisted units by having recorded a "Declaration of Restrictive Covenants" (EXHIBIT C) 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 The Town to rerecord the Declaration of Restrictive Covenants no later than one day before the expiration of 30 years of the date of the purchasing the property in the event that The Town is still the owner of the dwelling units at the time of the rerecording. 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 § 47B-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 The Town 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 The Town and County agree to do what each must do to accomplish the 99 year affordability requirement.