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Li U <br /> 2 <br /> NORTH CAROLINA <br /> ORANGE COUNTY DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local <br /> governmental unit of the State of North Carolina, (hereinafter referred to as the "County') <br /> and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit <br /> corporation (hereinafter referred to as "OCHC"). The date of this Agreement is June 22, <br /> 1998. <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has designated $50,000 in FY <br /> 1996-97 HOME funds for the purpose of conveying these funds to OCHC to acquire and <br /> develop the Scarlett Drive property, which property is more particularly described in Exhibit <br /> A attached hereto and made a part of this Agreement (hereinafter referred to as the <br /> "Property'); and <br /> WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br /> designated in an agreement dated August 27, 1992, and amended January 26, 1993, and <br /> July 28, 1993, and as such is the lead entity in a representative capacity for all members of <br /> the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br /> accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act <br /> (Pub. L. 101-625), (42 U.S.C. 3535(d.)et. M.)(hereinafter referred to as the"Act'), and as <br /> further defined in the Federal Program Requirements provided by the U.S. Department of <br /> Housing and Urban Development; and <br /> WHEREAS, OCHC intends to purchase and develop the Property for the purpose of <br /> constructing homeownership opportunities for first-time homebuyers. <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. OCHC agrees to develop the property and secure financing for the construction of <br /> the project. <br /> 2. OCHC agrees to prepare a marketing plan prior to the closing date for the purchase <br /> of the property, which will be incorporated into this document upon approval of the <br /> Orange County HOME Program Consortium. The Consortium recognizes the <br /> difficulty in determining marketing strategy, thus the plan will include activities to be <br /> undertaken by other parties. <br /> 3. Once potential purchasers are identified through marketing efforts specified in the <br /> marketing plan, OCHC will perform all activities necessary to complete the sale, <br /> including but not limited to: prequalifying the potential purchasers for a mortgage, <br />