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b. This Agreement will remain in effect during the Period of Affordability which is 99 years <br /> or the term of the lease and any renewals of the lease whichever is earlier. <br /> SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br /> THE LAND <br /> a. Upon execution of this Declaration by Sublessee, Sublessee shall cause this Declaration <br /> and all amendments hereto to be recorded and filed in the Office of the Register of Deeds <br /> of Orange County. <br /> b. Sublessee intends, declares and covenants, on behalf of itself and all future Sublessees of <br /> the Project during the term of this Declaration, that this Declaration and the covenants <br /> and restrictions set forth in this Declaration regulating and restricting the use, occupancy <br /> and transfer of the Property (1) shall be and are covenants running with the land, <br /> encumbering the Property for the term of this declaration, binding upon Sublessee's <br /> successors in title and all subsequent Sublessees of the Property; (2) are not merely <br /> personal covenants of Sublessee; and (3) shall bind Sublessee (and the benefits shall <br /> inure to Orange County and any past, present or prospective Sublessee of the Property) <br /> and its respective successors and assigns during the term of this Declaration. Sublessee <br /> hereby agrees that any and all requirements or privileges of estate are intended to be <br /> satisfied, or in the alternate, that an equitable servitude has been created to insure that <br /> 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 <br /> thereof shall expressly provide that such conveyance is subject to this Declaration, <br /> provided, however, the covenants contained herein shall survive and be effective <br /> regardless of whether such contracts, deed, or other instrument hereafter executed <br /> conveying the Property or portion thereof provides that such conveyance is subject to this <br /> Declaration. It is further the responsibility of Sublessee to rerecord the Declaration of <br /> Restrictive Covenants periodically and no less often than one day less than every 30 years <br /> from the date hereof for the purpose of renewing the rights of first refusal in the Property <br /> or portion thereof including any leasehold interest in the Property or portion thereof. <br /> Orange County retains the right to, periodically and every 30 years after the first <br /> recording of the Declaration of Restrictive Covenants on the Property to register,with the <br /> Register of Deeds of Orange County, a notice of preservation of the Restrictive <br /> Covenants on the Property as provided in North Carolina General Statute § 4713-4 or any <br /> comparable preservation law in effect at the time of the recording of the notice of <br /> preservation. It is the intent of this Section that the period of affordability of this <br /> Declaration of Restrictive Covenants be accomplished and that any future Sublessee of <br /> the Property, IFC, and Orange County will do what is necessary to ensure that the same <br /> is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to <br /> extinguish, by the passage of time, preemptive rights in the Property and by the Real <br /> Property Marketable Title Act or any comparable law purporting to extinguish, by the <br /> passage of time, non possessory interests in real property. Any future Sublessee, IFC and <br /> Orange County agree to do what each must do to accomplish the period of affordability <br /> of this Declaration of Restrictive Covenants. <br /> 18 <br />