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Project dwelling units as provided in the Declaration on the Property. This Declaration shall <br /> constitute and remain a lien on the Property during the period of affordability. <br /> It is further the responsibility of the Owner to rerecord the Declaration of Restrictive <br /> Covenants periodically and no less often than one day less than every 30 years from the date <br /> hereof for the purpose of renewing the rights of first refusal in the Property or portion thereof <br /> including any leasehold interest in the Property or portion thereof. Orange County retains the <br /> right to, periodically and every 30 years after the first recording of the Declaration of Restrictive <br /> Covenants on the Property to register, with the Register of Deeds of Orange County, a notice of <br /> preservation of the Restrictive Covenants on the Property as provided in North Carolina General <br /> Statute § 4784 or any comparable preservation law in effect at the time of the recording of the <br /> notice of preservation. It is the intent of this Agreement that the 99 year duration of this <br /> Declaration of Restrictive Covenants be accomplished and that any future owner of the Property, <br /> Owner, and Orange County will do what is necessary to ensure that the same is not extinguished <br /> by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of <br /> time, preemptive rights in the Property and by the Real Property Marketable Title Act or any <br /> comparable law purporting to extinguish, by the passage of time, non possessory interests in real <br /> property. Any future owner, Owner and Orange County agree to do what each must do to <br /> accomplish the 99-year duration of this Declaration of Restrictive Covenants. <br /> Resale Provisions <br /> The Owner shall assure compliance with affordability of each of the Project dwelling units <br /> through the Declaration of Restrictive Covenants. The Declaration of Restrictive Covenants <br /> shall include at least the following elements in their resale provisions for the Improvements: <br /> If Owner no longer uses the Property as rental property or is unable to continue ownership, then <br /> the Owner must sell, transfer, or otherwise dispose of its interest in the Property only to an <br /> agency with similar interest in affordable housing and serve families with incomes not exceeding <br /> 80%of the area median household income by family size, as determined by the U.S. Department <br /> of Housing and Urban Development at the time of the transfer. The non-profit fund, foundation, <br /> or corporation of like purposes must have established its tax-exempt status under Section 501 (c) <br /> (3)of the Internal Revenue Code. <br /> However, if the Property is sold, transferred, or otherwise disposed of to other than an agency <br /> with similar interest in affordable housing during the term of affordability, the Right of First <br /> Refusal provision of the County's Long-Term Housing Affordability Policy must be followed <br /> and the net sales proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of <br /> the original first mortgage and (3) the unpaid principal amount of the initial County contribution <br /> and any other initial government contribution secured by a deferred payment promissory note <br /> and deed of trust)or"equity"will be divided 50150 by the seller of the Property and the County. <br /> The resale provision shall remain in effect for the full affordability period—99 years. <br /> 3 <br />