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1 <br /> Prepared by: Coleman;: Gledhill & Hargraves <br /> Return to: Bagwell & Holt, PEA. <br /> anon <br /> DECLARATION OF RES COVENANTS <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br /> 01/18101 , by HABITAT FOR HUMANITY, ORANGE COUNTY, N.C„ INC., <br /> and its successors and assigns (Owner), is given as a condition <br /> precedent to the award of Federal HOME Investment Partnership Program funds by Orange <br /> County, a body politic and corporate, a political subdivision of the State of North Carolina, <br /> together with any successor to its rights,duties,-and obligations. <br /> I <br /> RECITALS: <br /> •g670-53'O�� �s <br /> L'a-14LV <br /> WHEREAS,the Orange County HOME Consortium has designated$50,000 in FY 1999 <br /> HOME funds for the purpose of conveying these funds to assist with the acquisition of a 2.5 acre <br /> tract of land in the Chapel Hill Township in Orange County hereinafter referred to as the <br /> "Project",which property is more particularly described in Exhibit A attached hereto and made a <br /> part of this Agreement(hereinafter referred to as the"Property"); . <br /> WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br /> designated in an agreement dated August 27, 1992,and amended January 26, 1993,and July 28, <br /> 1993, and as such is the lead entity in a representative capacity for all members of the Orange <br /> HOME Consortium for the purposes of carrying out the HOME Program in accordance wit the <br /> Title 11 of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 <br /> U.S.C. 3535(d) et. seq.) (hereinafter referred to as the "Act"), and as further defined in the <br /> Federal Program Requirements provided by. the U.S. Department of Housing and Urban <br /> Development;and <br /> WHEREAS, Habitat for Humanity of Orange County, NC, Inc. intends to develop five <br /> single family dwelling units on the property with the necessary infrastructure with dwelling units <br /> available to first-time homebuyers earning up to 50% of HUD area median income as described <br /> in their HOME Program Request dated October 2, 2000 and hereafter referred to as "The <br /> Project";and <br /> WHEREAS, a first-time homebuyer for the purposes of this.-program is defined as any <br /> household earning up to 50%of HUD area median income that has not owned a home within the <br /> past three (3) years including households living in manufactured housing not permanently <br /> affixed to a foundation,or owner-occupants of homes not feasible for rehabilitation. <br /> WHEREAS, Orange County requires and Owner agrees. to the requirement, as a <br /> condition precedent to the awarding of HOME Investment Partnership Program funds, that <br /> Owner execute, deliver and record this Declaration in the Office of the Register of Deeds of <br /> Orange County in order to create certain covenants pertaining to the Property and running with <br /> the land for the purpose of enforcement of the affordability requirements of the HOME <br /> Investment Partnership Program. <br /> Declaration of Restrictive Covenants <br /> Page I <br /> %u <br />