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2 <br /> NORTH CAROLINA AMENDMENT#1 <br /> ORANGE COUNTY DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT AMENDMENT between ORANGE COUNTY, a general <br /> local governmental unit of the State of North Carolina, (hereinafter referred to as the <br /> "County") and ORANGE COMMUNITY HOUSING CORPORATION, a North <br /> Carolina nonprofit corporation (hereinafter referred to as "OCHC"). The date of this <br /> Agreement Amendment is August 5, 1996. <br /> WITNESSETH <br /> WHEREAS, Orange County was awarded $250,000 in Community Development <br /> Block Grant (CDBG) funds in February 1994, for the purpose of providing public <br /> improvements for the Magnolia Place subdivision, and <br /> WHEREAS, the County, entered into a Developrent Agreement with the <br /> Orange Community Housing Corporation for Magnolia Place on or about March 15, <br /> 1994; <br /> NOW, THEREFORE, the County and Orange Community Housing Corporation <br /> agree that Paragraph 7 and 9 of the Agreement is amended to read as follows: <br /> 7. OCHC shall then market and sell the lots, construct homes for the selected <br /> buyers, and complete the sale of the homes on the targeted twenty lots by June <br /> 30, 1997. <br /> 9. At the closing of the sale to a homebuyer, OCHC shall repay the County with a <br /> credit to the homebuyer. There shall be credits in the amount of eighteen (18) <br /> credits for $12,500.00 and two (2) credits of $11,025.00. The credits to the <br /> homebuyer shall be documented by a promissory note from the homebuyer to <br /> the County which note shall be secured by a Deed of Trust on the property <br /> naming the County as beneficiary. The County shall provide a release deed to <br /> OCHC at the closing of each sale to a homebuyer, releasing the parcel to be <br /> sold from further obligation under the master note and deed of trust between <br /> OCHC and the County. The County agrees to subordinate its mortgage on each <br /> home to a first lien private mortgage acquired by the buyer. The promissory <br /> notes and deed of trust shall be substantially in the form of Exhibit B to this <br /> Agreement. <br /> IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have set <br /> their hands and seals on the day and year first above written. <br />