Browse
Search
Agenda 08-14-2001 - 8l
OrangeCountyNC
>
Board of County Commissioners
>
BOCC Agendas
>
2000's
>
2001
>
Agenda - 08-14-2001
>
Agenda 08-14-2001 - 8l
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/30/2012 9:27:31 AM
Creation date
10/30/2012 9:27:29 AM
Metadata
Fields
Template:
BOCC
Date
8/14/2001
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
8l
Document Relationships
2001 S Housing - Habitat for Humanity of Orange Co for HOME funding
(Linked From)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2000's\2001
Minutes - 08-14-2001
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2001
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
11
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
5 <br /> h. Habitat is responsible for soliciting buyers for the dwelling units constructed <br /> on the Property. Habitat and/or its buyers shall be responsible for securing permanent <br /> mortgage financing for the homes acquired under this program. <br /> i. Habitat is responsible for verifying the income of the homebuyers, explaining <br /> the Program to potential homebuyers and certifying by written documentation signed by <br /> the homebuyer that the program requirements have been fully explained. Habitat shall <br /> maintain purchaser files as part of its Books and Records as required and for the period of <br /> time required by Section 6.c. of this Agreement. <br /> 2. In the event property is acquired for rehabilitation and resale without identifying a <br /> prospective homebuyer, Habitat agrees to identify a qualified buyer and complete the sell <br /> of the property to the homebuyer within one hundred twenty days (120) days of the date <br /> of acquisition of the property by Habitat. Failure to abide by this provision will <br /> constitute an Event of Default as defined in Paragraph 6b. of this agreement. <br /> 3. The County and Habitat agree to comply with the Act, its regulations and Federal <br /> Program Requirements in the purchase and sale of the Property. The County and Habitat <br /> further agree to comply with the provisions of the Funding Approval and HOME <br /> Partnership Agreement dated August 1, 2000 and hereby incorporated into this <br /> Agreement. <br /> 4. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br /> nine years. Habitat 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. Habitat shall assure compliance with affordability of <br /> assisted units by having recording, at the time it sells a dwelling unit, a "Declaration of <br /> Restrictive Covenants" (EXHIBIT B) on the Property. This Declaration shall constitute <br /> and remain a first lien on the Property during the period of affordability. <br /> It is further the responsibility of Habitat to rerecord the Declaration of Restrictive <br /> Covenants no later than one day before the expiration of 30 years of the date of sale of <br /> each dwelling unit in the event the homeowner purchasing the property from Habitat is <br /> still the owner of the dwelling unit at the time of the re-recording. County retains the <br /> right to periodically and every 30 years after the first recording of the Declaration of <br /> Restrictive Covenants on the Property to register, with the Register of Deeds of Orange <br /> County, a notice of preservation of the Restrictive Covenants on the Property as provided <br /> in North Carolina General Statute § 47B-4 or any comparable preservation law in effect <br /> at the time of the recording of the notice of preservation. It is the intent of this Section of <br /> this Agreement that the 99 year affordability requirement contained herein be <br /> accomplished and that Habitat and the County will do what is necessary to ensure that the <br /> same is not extinguished by the Real Property Marketable Title Act or any comparable <br /> law purporting to extinguish, by the passage of time, non possessory interests in real <br />
The URL can be used to link to this page
Your browser does not support the video tag.