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SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING <br /> REQUIREMENTS <br /> a. Rights of Refusal <br /> a. Grant and Effect. Orange County is granted a right of first refusal to purchase <br /> the Property as described in this Section. Any assignment, sale, transfer, <br /> conveyance, or other disposition of the Property or any part thereof whether <br /> voluntarily or involuntarily or by operation of law ("Transfer") shall not be <br /> effective unless and until the below-described procedure is followed. <br /> b. Right of First Refusal. If Sublessee contemplates a Transfer to other than <br /> an agency with similar interest in affordable housing serving families with <br /> incomes not exceeding 80% of the area median household income by family size, <br /> as determined by the U.S. Department of Housing and Urban Development at the <br /> time of the transfer, the non-profit fund, foundation, or corporation of like <br /> purposes must have established its tax-exempt status under Section 501 (c)(3) of <br /> the Internal Revenue Code. Sublessee shall send to Orange County, at the address <br /> noted in the Notice section of this Declaration, not less than 90 days prior to the <br /> contemplated closing date of the Transfer, a "Notice of Intent to Sell." This <br /> Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br /> executed bona fide offer to purchase the Property on the then current North <br /> Carolina Bar Association "Offer to Purchase and Contract" form. If Orange <br /> County elects to exercise its said right of refusal, it shall notify the Sublessee of <br /> its election to purchase within 30 days of its receipt of the Notice and shall <br /> purchase the Property or portion thereof within 90 days of the receipt of the <br /> "Notice of Intent to Sell." <br /> C. Sales After Failure to Exercise Rights of Refusal If Orange County does not <br /> advise Sublessee in a timely fashion of an intent to purchase the Property, then <br /> Sublessee shall be free to transfer the property in accordance with this Section. <br /> d. Assignability, Orange County may assign its right of first refusal without <br /> Sublessee's consent. <br /> B. Resale Provisions <br /> a. If the Sublessee no longer uses the Property as affordable rental property, then <br /> Sublessee must sell, transfer, or otherwise dispose of its interest in the Property only to an <br /> agency with similar interest in affordable housing and to serve families with incomes not <br /> exceeding 80% of the area median household income by family size, as determined by <br /> the U.S. Department of Housing and Urban Development at the time of the transfer. The <br /> non-profit fund, foundation, or corporation of like purposes must have established its tax- <br /> exempt status under Section 501 (c)(3) of the Internal Revenue Code. <br /> 19 <br />