1996 S Housing and Habitat for Humanity Efland Estates Agreement

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1 P/15/ NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and Habitat for Humanity of Orange County, N.C., Inc., a North Carolina nonprofit corporation (hereinafter referred to as "HHOC"). The date of this Agreement is WITNESSETH WHEREAS, the Orange County HOME Consortium has expended $16,000 in FY 1992 HOME funds for the purpose of acquiring the property more particularly described in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the 'Property"); and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated August 27, 1992, and amended January 26, 1993, and July 28, 1993, and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. se g.) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, HHOC intends to develop the Property for the purpose of constructing homeownership opportunities for first-time homebuyers. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto do agree as follows: 1. HHOC agrees to accept conveyance of the Property and then to market the Property, construct a single family home on the Property for the selected buyer and complete the sale of the Property to the selected buyer on or before December 31, 1996. The sales price of the Property to the selected buyer shall not exceed the North Carolina Housing Financing Agency maximum new home sales price in effect at the time of the sale to the selected buyer. 2. The conveyance of the Property shall be secured by a note from HHOC to the County and a deed of trust constituting a first lien on the Property which deed of trust shall designate the County as the secured party/beneficiary. The note and deed of trust shall be in the form of the documents that are attached to and a part of this Agreement. The County agrees to subordinate its lien on the Property to a first lien securing private construction financing acquired by HHOC in order to complete the project.