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5 <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 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 <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has expended $50,000 in FY <br /> 1992 HOME funds for the purpose of acquiring the property more particularly described <br /> in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as <br /> 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.) eA. =.) (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 accept conveyance of the Property and then to market the <br /> Property, construct a single family home on the Property for the selected buyer <br /> and complete the sale of the Property to the selected buyer on or before <br /> December 31, 1996. The sales price of the Property to the selected buyer shall <br /> not exceed the North Carolina Housing Financing Agency maximum new home <br /> sales price in effect at the time of the sale to the selected buyer. <br /> 2. The conveyance of the Property shall be secured by a note from HHOC to the <br /> County and a deed of trust constituting a first lien on the Property which deed of <br /> trust shall designate the County as the secured party/beneficiary. The note and <br /> deed of trust shall be in the form of the documents that are attached to and a <br /> part of this Agreement. The County agrees to subordinate its lien on the <br />