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Exhibit E <br /> Prepared by: Annette Moore,Esquire,Orange County Staff Attorney,P.O.Box 8181,Hillsborough,NC 27278 <br /> After recording return to: Annette Moore,Esquire,Orange County Staff Attorney,P.O.Box 8181,Hillsborough, <br /> NC 27278 <br /> DECLARATION OF RESTRICTIVE COVENANTS <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS (hereinafter referred to as <br /> "Declaration"), dated , by The Arc Orange County Housing Corporation #4 <br /> for itself and its successors and assigns (hereinafter referred to as "Owner" or "The Arc"), is <br /> given as a condition precedent to the award of Orange County HOME Partnership funds. <br /> RECITALS: <br /> WHEREAS, the Orange County HOME Consortium has designated approximately <br /> $150,000 in FY 2010 HOME funds to assist in the construction of six (6) rental units known as <br /> The ARC Orange Apartments in Chapel Hill; and <br /> WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br /> designated in an agreement dated July 1, 2011 and as such is the lead entity in a representative <br /> capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br /> HOME Program in accordance with the Title 11 of the Cranston-Gonzalez National Affordable <br /> Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the <br /> "Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br /> Department of Housing and Urban Development; and <br /> WHEREAS, a HUD 811 Capital Advance along with HOME funds is financing the <br /> construction of The ARC Orange Apartments in Chapel Hill (hereinafter referred to as "the <br /> Project"), a new six (6) unit affordable housing development owned by The ARC and serving up <br />