Orange County NC Website
Browse       Search
b. However, if the property is not sold, transferred, or otherwise disposed of to an <br /> agency with similar interest in affordable housing during the term of affordability, the net <br /> sales proceeds (sales price less: (1) selling cost, and (2) the unpaid principal amount of <br /> the initial Orange County contribution and any other initial government contribution <br /> secured by a deferred payment promissory note and deed of trust) or "equity" will be <br /> divided 50150 by the seller of the Property and Orange County. <br /> c. The resale provisions shall remain in effect for the full affordability period. <br /> C. Sublessee covenants that it will not knowingly take or permit any action that would result <br /> in a violation of the affordability requirements of Orange County or of the Orange County <br /> HOME Investment Partnership Program. Orange County, together with Sublessee, may execute <br /> and record any amendment or modification of this Declaration and such amendment or <br /> modification shall be binding on third parties granted rights under this Declaration. <br /> D. Sublessee acknowledges that the primary purpose for requiring compliance by Sublessee <br /> with restrictions provided in this Declaration is to assure compliance with the affordability <br /> requirements of Orange County and the Orange County HOME Investment Partnership Program, <br /> AND BY REASON THEREOF, SUBLESSEE IN CONSIDERATION FOR RECEIVING <br /> ORANGE COUNTY HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE <br /> PROPERTY HEREBY AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE <br /> ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, AND IN ADDITION TO <br /> ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE BY <br /> SPECIFIC PERFORMANCE SUBLESSEE'S OBLIGATIONS UNDER THIS <br /> DECLARATION IN A STATE COURT OF COMPETENT JURISDICTION, WITH VENUE <br /> IN ORANGE COUNTY. Sublessee hereby further specifically acknowledges that the <br /> beneficiaries of Sublessee's obligations hereunder cannot be adequately compensated by <br /> monetary damages in the event of any default hereunder. <br /> E. This Declaration may be enforced by Orange County or its designee in the event Sublessee <br /> fails to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br /> against any person or persons violating or attempting to violate any covenant. If legal costs are <br /> incurred by Orange County, such legal costs, including attorney fees and court costs (including <br /> costs of appeal), are the responsibility of, and may be recovered from the Sublessee. <br /> SECTION 6 MISCELLANEOUS <br /> a. Severability. The invalidity of any clause, part, or provision of this Declaration shall not <br /> affect the validity of the remaining portions thereof. <br /> b. Notices. Any Notice shall be in writing and shall be given by depositing the same <br /> in the United States mail, post-paid and registered or certified, and addressed to the party to be <br /> notified, with return-receipt requested, or by delivering the same in person to an officer or <br /> principal of such party. Notice deposited in the mail in the manner hereinabove described shall <br /> be effective upon mailing. For purposes of Notice, the addresses of the parties shall, unless <br /> changed as hereinafter provided,be as follows: <br /> 20 <br />