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5 <br /> dwelling unit at the time of the rerecording. County retains the right to periodically and <br /> every 30 years after the first recording of the Declaration of Restrictive Covenants on the <br /> Property to register, with the Register of Deeds of Orange County, a notice of <br /> preservation of the Restrictive Covenants on the Property as provided in North Carolina <br /> General Statute § 47B-4 or any comparable preservation law in effect at the time of the <br /> recording of the notice of preservation. It is the intent of this Section of this Agreement <br /> that the 99 year affordability requirement contained herein be accomplished and that <br /> EmPOWERment and the County will do what is necessary to ensure that the same is not <br /> extinguished by the Real Property Marketable Title Act or any comparable law <br /> purporting to extinguish, by the passage of time, non possessory interests in real property. <br /> Both EmPOWERment and County agree to do what each must do to accomplish the 99 <br /> year affordability requirement. <br /> 5. Resale Provisions. EmPOWERment shall assure compliance with affordability of <br /> assisted units through the Declaration of Restrictive Covenants. The Declaration of <br /> Restrictive Covenants shall include at least the following elements in their resale <br /> provisions for the Improvements: <br /> 5.1 If the buyer no longer uses the Property as rental property is unable to continue <br /> ownership, then the buyer must sell, transfer, or otherwise dispose of their <br /> interest in the Property only to an agency with similar interest in affordable <br /> housing and serve families with incomes not exceeding 80% of the area median <br /> household income by family size, as determined by the U.S. Department of <br /> Housing and Urban Development at the time of the transfer, to use as their <br /> principal residence. <br /> 5.2 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 County's Long-Term <br /> Housing Affordability Policy must be followed and the net sales proceeds (sales <br /> price less: (1) selling cost, (2) the unpaid principal amount of the original first <br /> mortgage and (3) the unpaid principal amount of the initial County contribution <br /> and any other initial government contribution secured by a deferred payment <br /> promissory note and deed of trust) or "equity" will be divided 50150 by the seller <br /> of the Property and the County. <br /> 5.3 The resale provision shall remain in effect for the full affordability period—99 <br /> years. <br /> 6. Miscellaneous Provisions. <br /> a. Termination of Agreement.The full benefit of the Project will be realized only <br /> after the completion of the affordability periods for all properties constructed with funds provide <br /> affordable units to low-income families. It is the County's intention that the full public benefit of <br /> this project shall be completed under the auspices of EmPOWERment for the assisted units as <br /> follows: <br />