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i <br /> 8=2186 PaL215 <br /> SECTION 2 TERM OF DECLARATION <br /> a. This Declaration,and the Terms of Affordability specified herein, apply to the Property <br /> immediately upon recordation, and Owner shall comply with all restrictive covenants herein. <br /> This declaration shall terminate ninety-nine years after Project Completion, unless Orange <br /> County Federal HOME Investment Partnership Program affordability restrictions are terminated <br /> due.to the sale of the Property to a non-qualified buyer as provided herein. <br /> SECTION 3. RECORDING AND FILING;COVENANTS TO RUN WITH <br /> THE LAND <br /> a. Upon execution of this Declaration by Owner,Owner shall cause this declaration and all <br /> amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange <br /> County.The Owner shall,pay all fees and charges incurred in connection therewith. <br /> b. 'Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br /> Project during the term of this Declaration, that this Declaration and the covenants and <br /> restrictions set forth in this Declaration regulating and restricting the use,.occupancy and i <br /> transfer of the Property (1) shall be and are covenants running with the land, encumbering the <br /> Property for the term of this declaration, binding upon Owner's successors in title and all <br /> subsequent Owners of the Property; (2) are not merely personal covenants of Owner; and (3) <br /> shall bind Owner(and the benefits shall inure to the County and any past,present or prospective <br /> owner of the Property) and its respective successors and assigns during the term of this <br /> Declaration. Owner hereby agrees that any and all requirements or privileges of estate are <br /> intended to be satisfied,or in the alternate,that an equitable servitude has been:created to insure <br /> that these restrictions run with the Property. For the term of this Declaration, each and every <br /> contract,deed or other instrument hereafter executed conveying the Property or portion thereof <br /> shall expressly provide that such conveyance is subject to this Declaration,provided,however, <br /> the covenants contained herein shall survive and be effective regardless of whether such• - <br /> contracts, deed, or other instrument hereafter executed conveying the Property or portion <br /> thereof provides that such conveyance is subject to this Declaration. It is further the <br /> responsibility of Owner to rerecord the Declaration of Restrictive Covenants no later than one <br /> day before the expiration of 30 years of the date of its sale of each of the 5 dwelling units in the <br /> event the homeowner purchasing the property from Owner is still the owner of the dwelling unit <br /> at the time of the re-recording. Orange County retains the right to periodically and every 30 <br /> years after the first recording of the Declaration of Restrictive Covenants on the Property to <br /> register, with the Register of Deeds of Orange County, a notice of preservation of the <br /> Restrictive Covenants on the Property as provided in North Carolina General Statute§47B-4 or i <br /> any comparable preservation law in effect at the time of the recording of the notice of <br /> preservation.'It is the intent of this Section of this Declaration that the 99 year affordability <br /> requirement contained herein be accomplished and that Owner and Orange County will do what <br /> is necessary to ensure that the same is not extinguished by the Real Property Marketable Title <br /> Act or any comparable law purporting to extinguish, by the passage of time, non possessory <br /> interests in real property. Both Owner and Orange County agree to do what each must do to <br /> accomplish the 99-year affordability requirement. <br /> Declaration of Restrictive Covenants <br /> Page 3 <br />