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I <br /> 800K 2186 PrcE 2. .6 <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br /> REQUIREMENTS <br /> A. Rights of Refusal <br /> a. Grant and Effect. Orange County and Habitat for Humanity of Orange <br /> County, NC, Inc. each are herein ranted a right of first refusal to purchase the property <br /> ty g <br /> as described in this Section. Any assignment, sale, transfer, conveyance, or other <br /> disposition of the Property or any part thereof whether voluntarily or involuntarily or by <br /> operation of law ('Transfer") shall not be effective unless and until the below-described <br /> procedure is followed. <br /> b. Right of_F Just Refusal. If the original homebuyer or any subsequent <br /> qualified homebuyer ("Buyer")contemplates a Transfer to a non low-income household <br /> as defined herein, Buyer shall send to Orange County and Habitat for Humanity of <br /> Orange County,NC,Inc.,at the addresses noted in the Notice section of this Declaration, <br /> not less than 90 days prior to the contemplated closing date of the Transfer, a"Notice of <br /> Intent to Sell." This Notice of Intent to Sell shall be accompanied by a copy of a <br /> completed, fully executed bona fide offer to purchase the Property on the then current <br /> North Carolina Bar Association "Offer to Purchase and Contract" form. If Orange <br /> County or Habitat for Humanity of Orange County, NC, Inc. elects to exercise its said <br /> right of refusal, it shall notify the Buyer of its election to purchase within 30 days of its <br /> receipt of the Notice and shall purchase the Property or portion thereof within 90 days of <br /> the receipt of the"Notice of Intent to Sell." As between Orange County and Habitat for <br /> Humanity of Orange County,NC,Inc.,if both wish to and have the means to exercise the <br /> right of first refusal, Habitat for Humanity of Orange County, NC, Inc. shall have . <br /> priority. <br /> C. Sales After Failure to Exercise Rights of Refusal If neither Orange County nor <br /> Habitat for Humanity of Orange County,NC,Inc.advise the Buyer in a timely fashion of <br /> an intent to purchase the Property,then the Buyer shall be free to Transfer the property in <br /> accordance with this Section. <br /> d. Assignability; Orange County and Habitat for Humanity of Orange County, NC, <br /> Inc.each may assign their said rights of first refusal,one to the other, without the Buyer's <br /> consent. <br /> B. Resale Provisions <br /> a. If the buyer no longer uses the Property as a principal residence or is unable to <br /> continue ownership, then the buyer must sell, transfer, or otherwise dispose of their <br /> interest in the Property only to a qualified homebuyer, i.e.,a low-income household,one <br /> whose combined income does not exceed 50% of the area median household income by <br /> family size,as determined by the U.S.Department of Housing and Urban Development at <br /> the time of the transfer,to use as their principal residence. <br /> Declaration of Restrictive Covenants <br /> Page 4 <br />