1997 S Housing - Efland Estates Development Agreement - Habitat for Humanity

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• RETURN THIS COPY TO THE CLERK'S OFFICE— FOR THE PERMANENT AGENDA FILE NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and Habitat for Humanity of Orange Co., NC, Inc., a North Carolina nonprofit corporation (hereinafter referred to as "Habitat"). This agreement will not become effective until all conditions placed upon the County's funding approval are satisfied and funds are released by the N.C. Department of CTo ., erce - Division of Community Assistance. The date of this Agreement is I°I J WITNESSETH WHEREAS, Habitat owns a parcel of approximately 4.67 acres located in the Cheeks Township of Orange County more particularly described in Exhibit A attached hereto and made a part of this Agreement(hereinafter referred to as the "Property"); and hereinafter referred to as"the Property"; and WHEREAS, Habitat desires to improve the Property by constructing homeownership opportunities for first-time homebuyers, in accordance with all applicable legal requirements and the Charter and Bylaws of Habitat, for sale to low and moderate income families; and WHEREAS, Orange County desires to participate in this project and has received a Community Development Block Grant (CDBG) from the N.C. Department of Commerce Division of Community Assistance (DCA) in the amount of $145,750 to be used for the provision of public water and sewer and street paving on the Property; and NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,the parties hereto do agree as follows: 1. Habitat agrees to execute its responsibilities identified in the County's CDBG application to DCA dated March 20, 1996 (Exhibit B). 2. Habitat further agrees to construct no fewer than five (5) houses for low and moderate income families and complete sales of the homes by July 8, 1998. With prior approval from DCA,this commitment may be partially waived by the County, if failure to meet the commitment is determined to be due to events beyond the control of the Developer including, but not limited to, an unfavorable, unforeseeable occurrences of severe economic conditions and where such waiver will not substantially affect the project as described in the application.