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DRAFT <br /> 11 <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br /> unit of the State of North Carolina, (hereinafter referred to as the "County") and HABITAT <br /> FOR HUMANITY OF ORANGE COUNTY, NC, INC. , a North Carolina non-profit housing <br /> organization (hereinafter referred to as "Habitat"). The effective date of this agreement is <br /> WITNESSETH <br /> WHEREAS, the County, in the implementation of the Orange County Affordable <br /> Housing Bond Program solicited applications for funding from interested non-profit <br /> organizations; <br /> WHEREAS, Habitat submitted an application for Housing Bond funding on July 8, 1999 <br /> for $460,000 for property acquisition for future housing development approved by the Board of <br /> County Commissioners on December 7, 1999; and <br /> WHEREAS, Habitat intends to purchase a 41 acre tract of land in the Efland-Cheecks <br /> community in Orange County (herein after referred to as the "Property"), and described in <br /> EXHIBIT A attached hereto and incorporated herein; and <br /> WHEREAS, Habitat intends to construct a 45 unit subdivision with dwelling units <br /> available to first-time homebuyers earning up to 80%of HUD area median income; and <br /> WHEREAS, Habitat agrees to utilize bond funds provided by the County for the purpose <br /> of acquiring Property for the purpose of constructing 25 dwelling units for first-time homebuyer <br /> families as described in their bond application dated July 8, 1999 which is EXHIBIT B to this <br /> Agreement, and hereinafter referred to "the Project". <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br /> representations contained herein, it is agreed between the parties hereto as follows: <br /> 1. Habitat shall construct the dwelling units defined in the Project , obtain all permits and <br /> licenses necessary to construct the homes on the Property, and comply with applicable <br /> building and zoning ordinances and the N.C. Housing Finance Agency Energy Standards. <br /> The Project shall be undertaken without residential displacement. <br /> Habitat is responsible for soliciting buyers for the homes they intend to construct on the <br /> Property. Habitat and/or their buyers shall be responsible for securing permanent <br /> mortgage financing for the homes built by them on the Property. <br /> 9 <br />