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p 3r- 32.E <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> AMENDMENT TO DEVELOPMENT AGREEMENT <br /> THIS AMENDMENT, made and entered into this the 20th day of June, 2013 by and <br /> between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, <br /> (hereinafter referred to as the "County") and HABITAT FOR HUMANITY OF ORANGE <br /> COUNTY, NC, INC., a North Carolina non-profit housing organization (hereinafter referred to <br /> as"Habitat"). <br /> WITNESSTH <br /> WHEREAS,the qou ty and Habitat entered into a"Development Agreement" ("Original <br /> Agreement"), dated 2/in which the County on behalf of the Orange County HOME <br /> Consortium designated Y 2011 HOME funds to Habitat for pre-development and acquisition <br /> costs for a nine(9) acre tract on School House Road in Orange County; and <br /> WHEREAS, the Orange County HOME Consortium has designated approximately <br /> $71,592 in FY 2012 HOME funds to Habitat to provide additional funding for pre-development <br /> and acquisition costs; and <br /> WHEREAS, the County and Habitat desire to amend the Original Agreement, while <br /> keeping in effect all terms and conditions of the Original Agreement not inconsistent with the <br /> terms and conditions set forth below. <br /> NOW THEREFORE, for and in consideration of the mutual covenants and agreements <br /> made herein, the parties agree to amend the following sections of the Original Agreement as <br /> follows: <br /> 1. In Section H. Amount of HOME Funds/Loan Terms amend as follows: <br /> The County shall make available to Habitat up to One Hundred Forty-six Thousand <br /> Five Hundred Ninety-Two Dollars ($146,592) at an interest rate of zero percent <br /> (0%) pursuant to this Agreement. The funding provided by the County will be <br /> provided as a fixed subsidy in the form of a deferred second mortgage to the <br /> individual families at the time of sale to them. The investment will be secured by a <br /> forty(40) year Deed of Trust and Promissory Note, forgivable at the end of 40 years. <br /> This Deed of Trust and Promissory Note shall constitute a lien on the Properties, <br /> subordinate only to the Declaration of Restrictive Covenants described in paragraph 6 <br /> of this Agreement, and provided in Exhibit D, and which is hereby incorporated by <br /> reference. At the time of closing of the sale of each of the dwelling units to a <br /> homebuyer, the homebuyer shall receive $14,659.20 in HOME funds as second <br /> 1 <br />