Orange County NC Website
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 Habitat for Humanity of Orange County, N.C., Inc., a North Carolina nonprofit <br /> corporation (hereinafter referred to as "HHOC"). The date of this Agreement is October <br /> 21, 1997. <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has designated $16,000 in FY <br /> 1996 HOME funds for the purpose of site improvements of the property located in the <br /> Culbreth Park subdivision more particularly described in Exhibit A attached hereto and <br /> made a part of this 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, <br /> and July 28, 1993, and as such is the lead entity in a representative capacity for all <br /> members of the Orange HOME Consortium for the purposes of carrying out the HOME <br /> Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br /> Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. sue.) (hereinafter referred to as <br /> the "Act"), and as further defined in the Federal Program Requirements provided by the <br /> U.S. Department of Housing and Urban Development; and <br /> WHEREAS, HHOC intends to develop the Property for the purpose of constructing <br /> 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. HHOC agrees to market the Property, construct a single family home on the <br /> Property for the selected buyer and complete the sale of the Property to the <br /> selected buyer on or before July 31, 1998. The sales price of the Property to the <br /> selected buyer shall not exceed the North Carolina Housing Financing Agency <br /> maximum new home sales price in effect at the time of the sale to the selected <br /> buyer. <br /> 2. The Property shall be secured by a note from HHOC to the County and a deed <br /> of trust constituting a first lien on the Property which deed of trust shall <br /> designate the 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 /> Agreement. The County agrees to subordinate its lien on the Property to a first <br /> lien securing private construction financing acquired by HHOC in order to <br /> complete the project. <br />