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b. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br /> Project during the term of this Declaration, that this Declaration and the covenants and <br /> restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br /> transfer of the Property (1) shall be and are covenants running with the land, <br /> encumbering the Property for the term of this declaration, binding upon Owner's <br /> successors in title and all subsequent Owners of the Property; (2) are not merely personal <br /> covenants of Owner; and (3) shall bind Owner (and the benefits shall inure to Orange <br /> County and any past, present or prospective owner of the Property) and its respective <br /> successors and assigns during the term of this Declaration. Owner hereby agrees that any <br /> and all requirements or privileges of estate are intended to be satisfied, or in the alternate, <br /> that an equitable servitude has been created to insure that these restrictions run with the <br /> Property. For the term of this Declaration, each and every contract, deed or other <br /> instrument hereafter executed conveying the Property or portion thereof shall expressly <br /> provide that such conveyance is subject to this Declaration, provided, however, the <br /> covenants contained herein shall survive and be effective regardless of whether such <br /> contracts, deed, or other instrument hereafter executed conveying the Property or portion <br /> thereof provides that such conveyance is subject to this Declaration. It is further the <br /> responsibility of Owner to rerecord the Declaration of Restrictive Covenants periodically <br /> and no less often than one day less than every 30 years from the date hereof for the <br /> purpose of renewing the rights of first refusal in the Property or portion thereof including <br /> any leasehold interest in the Property or portion thereof. Orange County retains the right <br /> to, periodically and every 30 years after the first recording of the Declaration of <br /> Restrictive Covenants on the Property to register, with the Register of Deeds of Orange <br /> County, a notice of preservation of the Restrictive Covenants on the Property as provided <br /> in North Carolina General Statute § 4713-4 or any comparable preservation law in effect <br /> at the time of the recording of the notice of preservation. It is the intent of this Section <br /> that the 99 year duration of this Declaration of Restrictive Covenants be accomplished <br /> and that any future owner of the Property, The ARC, and Orange County will do what is <br /> necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any <br /> comparable law purporting to extinguish, by the passage of time, preemptive rights in the <br /> Property and 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 /> Any future owner, The ARC and Orange County agree to do what each must do to <br /> accomplish the 99-year duration of this Declaration of Restrictive Covenants. <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br /> REQUIREMENTS <br /> a. Rights of Refusal <br /> a. Grant and Effect. Orange County is granted a right of first refusal to purchase <br /> the Property as described in this Section. Any assignment, sale, transfer, <br /> conveyance, or other disposition of the Property or any part thereof whether <br /> voluntarily or involuntarily or by operation of law ("Transfer") shall not be <br /> effective unless and until the 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 <br />