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U.S. Department of Housing and Urban Development at the time of the transfer, the non- <br /> 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. Owner shall send to <br /> Orange County, at the address noted in the Notice section of this Declaration, not less <br /> than 90 days prior to the contemplated closing date of the Transfer, a "Notice of Intent to <br /> Sell." This 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 Carolina Bar <br /> Association "Offer to Purchase and Contract" form. If EmPOWERment, Inc. elects to <br /> exercise its said right of refusal, it shall notify the Owner of its election to purchase <br /> within 30 days of its receipt of the Notice and shall purchase the Property or portion <br /> thereof within 90 days of the receipt of the"Notice of Intent to Sell." <br /> C. Sales After Failure to Exercise Rights of Refusal If EmPOWERment, Inc. does <br /> not advise Owner in a timely fashion of an intent to purchase the Property, then Owner <br /> shall notify Orange County who may assume the position of EmPOWERment, Inc.. If <br /> Orange County does not advise the Owner in a timely fashion of an intent to purchase the <br /> Property, then the Owner shall be free to transfer the property in accordance with this <br /> Section. <br /> d. Assignability. EmPOWERment, Inc. may not assign its right of first refusal except <br /> to Orange County without Owner's consent. <br /> B. Resale Provisions <br /> a. If the Owner no longer uses the Property as affordable rental property, then Owner <br /> must sell, transfer, or otherwise dispose of its interest in the Property only to an agency <br /> 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 the <br /> 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 /> 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 — 99 <br /> years. <br /> C. Owner covenants that it will not knowingly take or permit any action that would result in <br /> a violation of the affordability requirements of Orange County or of the Orange County HOME <br /> Investment Partnership Program. Orange County, together with Owner, may execute and record <br /> Declaration of Restrictive Covenants <br /> Page 5 <br />