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3 <br /> County which note shall be secured by a Deed of Trust on the property naming the <br /> County as beneficiary. The County shall provide a release deed to OCHC at the <br /> closing of each sale to a homebuyer, releasing the parcel to be sold from further <br /> obligation under the master note and deed of trust between OCHC and the County. <br /> The County agrees to subordinate its mortgage on each home to a first lien private <br /> mortgage acquired by the buyer. The promissory notes and deeds of-trust shall be <br /> substantially in the form of Exhibit B to this Agreement. The period of affordability for <br /> HOME funds in accordance with the Act, its regulations and State Program <br /> Requirements shall be 20 years from the date of execution of this Agreement. The <br /> default rate shall be 7% per annum. <br /> IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have set their <br /> hands and seals on the day and year first above written. <br /> COUNTY OF ORANGE, NORTH CAROLINA <br /> (SEAL) <br /> Moses Carey, Jr., Chairman <br /> Orange County Board of Commissioners <br /> ATTEST: <br /> Beverly A Blythe <br /> Clerk to the Board of Commissioners <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> This is to certify that on this day personally came before me Beverly A Blythe, with <br /> whom I am personally acquainted, and being by me duly sworn, says that Moses Carey, Jr., <br /> is the Chairman of the Orange County Board of Commissioners, and that she the said <br /> Beverly A Blythe, is the Clerk to the Board of Commissioners of the County of Orange, the <br /> body politic and corporate named within and.which executed the foregoing instrument; that <br /> she knows the common seal of said County; that the seal affixed to said instrument is said <br /> common seal; that the name of Orange County was subscribed thereto by the said <br /> Chairman of the Orange County Board of Commissioners and that the said Chairman of the <br /> Orange County Board of Commissioners and said Beverly A Blythe subscribed their <br /> names hereto and said common seal was affixed, all by order of the Board of County <br /> Commissioners of Orange County and that said instrument is the act and deed of Orange <br /> County. <br /> 2 <br />