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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 FREEDOM HOUSE, INC, a North Carolina nonprofit corporation (hereinafter referred <br /> to as "Freedom House, Inc."). The date of this Agreement is February 17, 1998. <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has designated $337,000 in <br /> FY 1996 HOME funds for the purpose of conveying these funds to Freedom House, Inc. to <br /> assist with the development of transitional housing on Airport Road in Chapel Hill, which <br /> property is more particularly described in Exhibit A attached hereto and made a part of this <br /> Agreement (hereinafter referred to as the "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. seq.) (hereinafter referred to as the "Act"), and <br /> as further defined in the Federal Program Requirements provided by the U.S. <br /> Department of Housing and Urban Development; and <br /> WHEREAS, Freedom House, Inc. intends to develop the Property for the purpose <br /> of constructing transitional housing opportunities for low income residents. <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. Freedom House, Inc. agrees to develop ten (10) transitional housing units on <br /> Airport Road in Chapel Hill for low income persons in Orange County. Construction <br /> contract award must occur on or before December 31, 1998. <br /> 2. The HOME funding investment shall be secured by a note to the County and a <br /> deed of trust constituting a lien on the Exhibit A property which Deed of Trust shall <br /> designate Orange County as the secured party/beneficiary. The note and deed of <br /> trust shall be in the form of the documents that are attached to and a part of this <br /> document. <br /> 3. Freedom House, Inc. agrees to rent the property to qualified tenants whose <br /> incomes do not exceed 50% of the area median income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development and <br /> amended from time to time. The period of affordability for HOME funds in <br />