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/J�o 41 Fl <br /> NORTH CAROLINA <br /> AFFORDABLE HOUSING BOND <br /> DEVELOPMENT AGREEMENT <br /> ORANGE COUNTY <br /> This is an AGREEMENT between Orange County, a general local governmental unit of <br /> the State of North Carolina, (hereinafter referred to as the "County") and HABITAT FOR <br /> HUMANITY, ORANGE COUNTY, NORTH CAROLINA, INC., a North Carolina non-profit <br /> org ion ereinafter referred to as "Owner"). The effective date of this Agreement is <br /> WITNESSTH <br /> WHEREAS,the County, in the implementation of the Orange County Affordable Housing <br /> Bond Program solicited applications for funding for affordable housing projects from interested <br /> organizations;and <br /> WHEREAS, Habitat for Humanity, Orange County, North Carolina intends to construct <br /> one (1) duplex affordable rental development targeted for disabled and elderly families earning <br /> less than 80% of the area median income, and which will remain affordable for low and <br /> moderate income families as described in an application for Orange County Affordable Housing <br /> Bond Program funds on file in the County's Housing, Human Rights, and Community <br /> Development Office(hereafter"the Project");and <br /> WHEREAS, on November 20, 2012 the Orange County Board of Commissioners <br /> awarded the Owner $144,304 in FY 2001 Orange County Affordable Housing Bond funds to <br /> assist in the development of the property described more particularly described in EXHIBIT A <br /> attached hereto and made a part of this Agreement(hereinafter referred to as "the Property"); and <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto as follows: <br /> I. USE OF BOND FUNDS <br /> 1. The Owner shall perform the projects or tasks related to its allocation of Bond funds as <br /> provided in Exhibit B and within the proposed budget outlined in Exhibit C. Exhibits B and C <br /> are hereby made a part of this Agreement and are incorporated by reference, as it now reads or as <br /> it may be modified by the parties. <br /> 2. The Owner may not request disbursement of funds under this Agreement until the funds <br /> are needed for payment of eligible costs in accordance with Exhibit C. The amount of each <br /> request must be limited to eligible costs as determined by Orange County staff. <br /> 3. Said funds shall be disbursed by check payable to the Owner. <br /> 1 <br />