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Exhibit B <br /> DECLARATION OF RESTRICTIVE COVENANTS <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br /> , by Habitat for Humanity of Orange County, NC, Inc. for Humanity of <br /> Orange County, NC, Inc. and its successors and assigns (Owner), is given as a condition <br /> precedent to the award of Federal HOME Investment Partnership Program funds by Orange <br /> County, a body politic and corporate, a political subdivision of the State of North Carolina, <br /> together with any successor to its rights, duties, and obligations. <br /> RECITALS: <br /> WHEREAS, the Orange County HOME Consortium has designated $62,500 in FY 1999 <br /> HOME funds for the purpose of conveying these funds to assist five (5) first-time homebuyers <br /> acquire single family dwelling units constructed by Habitat for Humanity of Orange County, NC, <br /> Inc. in Orange County hereinafter referred to as the "Project", which property is more <br /> particularly described in Exhibit A attached hereto and made a part of this Agreement <br /> (hereinafter referred to as the "Property"); <br /> WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br /> designated in an agreement dated August 27, 1992, and amended January 26, 1993, and July 28, <br /> 1993, and as such is the lead entity in a representative capacity for all members of the Orange <br /> HOME Consortium for the purposes of carrying out the HOME Program in accordance wit the <br /> Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 <br /> U.S.C. 3535(d) et. seq.) (hereinafter referred to as the "Act"), and as further defined in the <br /> Federal Program Requirements provided by the U.S. Department of Housing and Urban <br /> Development; and <br /> WHEREAS, Habitat for Humanity of Orange County, NC, Inc. has developed five (5) <br /> single family dwelling units on the property with the necessary infrastructure with dwelling units <br /> available to first-time homebuyers earning up to 50% of HUD area median income as described <br /> in their FY 2000—2001 HOME Program Request and hereafter referred to as "The Project"; and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> household earning up to 80% of HUD area median income that has not owned a home within the <br /> past three (3) years including households living in manufactured housing not permanently <br /> affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation. <br /> WHEREAS, Orange County requires and Owner agrees to the requirement, as a <br /> condition precedent to the awarding of HOME Investment Partnership Program funds, that <br /> Owner execute, deliver and record this Declaration in the Office of the Register of Deeds of <br /> Orange County in order to create certain covenants pertaining to the Property and running with <br /> the land for the purpose of enforcement of the affordability requirements of the HOME <br /> Investment Partnership Program. <br /> Declaration of Restrictive Covenants <br /> Page 1 <br />