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r <br /> 2 <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 a North Carolina nonprofit corporation <br /> (hereinafter referred to as "). The date of this Agreement is <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has expended $ in <br /> FY 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, and <br /> July 28, 1993, and as such is the lead entity in a representative capacity for all members of <br /> the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br /> accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act <br /> (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. seq.) (hereinafter referred to as the "Act"), and as <br /> further defined in the Federal Program Requirements provided by the U.S. Department of <br /> Housing and Urban Development; and <br /> WHEREAS, intends to develop the Property for the purpose of <br /> constructing 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. agrees to accept conveyance of the Property to its organization <br /> and to develop and sell the townhomes at a price not to exceed the current NC <br /> Housing Finance Agency maximum existing home sales price in effect at the time of <br /> purchase no later than December 31, 1996. <br /> 2. The conveyance of the lots to shall be secured by a note from <br /> to the County and a deed of trust constituting a first lien on the <br /> property purchased which deed of trust shall designate Orange County as the <br /> secured party/beneficiary. The note and deed of trust shall be in the form of the <br /> documents that are attached to and a part of this document. Orange County agrees <br /> to subordinate its mortgage interest on each lot to private construction financing <br /> acquired by in order to complete the project. <br />