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Owners of the Property; (2) are not merely personal covenants of Owner; and (3) shall bind <br /> Owner(and the benefits shall inure to Orange County and any past, present or prospective owner <br /> of the Property) and its respective successors and assigns during the term of this Declaration. <br /> Owner hereby agrees that any and all requirements or privileges of estate are intended to be <br /> satisfied, or in the alternate, that an equitable servitude has been created to insure that these <br /> restrictions run with the Property. For the term of this Declaration, each and every contract, deed <br /> or other instrument hereafter executed conveying the Property or portion thereof shall expressly <br /> provide that such conveyance is subject to this Declaration, provided, however, the covenants <br /> contained herein shall survive and be effective regardless of whether such contracts, deed, or <br /> other instrument hereafter executed conveying the Property or portion thereof provides that such <br /> conveyance is subject to this Declaration. It is further the responsibility of Owner to rerecord the <br /> Declaration of Restrictive Covenants periodically and no less often than one day less than every <br /> 30 years from the date hereof for the purpose of renewing the rights of first refusal in the <br /> Property or portion thereof including any leasehold interest in the Property or portion thereof. <br /> Orange County retains the right to, periodically and every 30 years after the first recording of the <br /> Declaration of Restrictive Covenants on the Property to register, with the Register of Deeds of <br /> Orange 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 at the <br /> time of the recording of the notice of preservation. It is the intent of this Section that the 99 year <br /> duration of this Declaration of Restrictive Covenants be accomplished and that any future owner <br /> of the Property, EmPOWERment, INC , and Orange County will do what is necessary to ensure <br /> that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to <br /> extinguish, by the passage of time, preemptive rights in the Property and by the Real Property <br /> Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non <br /> possessory interests in real property. Any future owner, EmPOWERment, Inc., and Orange <br /> County agree to do what each must do to accomplish the 99-year duration of this Declaration of <br /> Restrictive Covenants. <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br /> REQUIREMENTS <br /> A. Rights of Refusal <br /> a. Grant and Effect. EmPOWERment is granted a right of first refusal to <br /> purchase the Property as described in this Section. Any assignment, sale, transfer, <br /> conveyance, or other disposition of the Property or any part thereof whether voluntarily or <br /> involuntarily or by operation of law("Transfer") shall not be effective unless and until the <br /> below-described procedure is followed. <br /> b. Right of First Refusal. If Owner contemplates a Transfer to other than an <br /> agency with similar interest in affordable housing serving families with incomes not <br /> exceeding 80% of the area median household income by family size, as determined by the <br /> U.S. Department of Housing and Urban Development at the time of the transfer, the non- <br /> profit fund, foundation, or corporation of like purposes must have established its tax- <br /> Declaration of Restrictive Covenants <br /> Page 4 <br />