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2 <br /> NORTH C. 1431LU i <br /> MANGE COUNTY lPM@N• AGREEMTP <br /> This is an AGPMEM between ORANGE COUNTY, a general local governmental <br /> unit of the State of North Carolina, (hereinafter referred to as the "County") <br /> and ORANGE C OMKM Y HOUSING CORPORATION, a North Carolina nonprofit <br /> corporation (hereinafter referred to as "OCHC") . The date of this Agreement <br /> is 1994. <br /> WITNESSEPH <br /> WHEREAS, the Orange HOME Consortium was awarded $32,000 in October, 1992, <br /> for the purpose of conveying these funds to OCHC to purchase two lots on Creel <br /> Street in Chapel Hill, North Carolina, which property is more particularly <br /> described in Exhibit A attached hereto and made a part of this Agreement <br /> (hereinafter referred to as the "Property") ; and <br /> WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br /> designated in an agreement dated August 27, 1992, and amended j@pg@ry 26, 1993 <br /> and July 28, 1993 and as such shall act as the lead entity in a representative <br /> capacity for all members of the Orange HOME Consortium for the purposes of <br /> carrying out the HOME Program in accordance with the Title II of the Cranston- <br /> Gonzalez National. Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. <br /> 3535(d.) et. sM.) (hereinafter referred to as the "Act") , and as further <br /> defined in the State Program Requirements for funding provided directly by the <br /> State; and <br /> WRMEAS, OCHC intends to purchase the Property for the purpose of <br /> constructing haneownership opportunities for first-time hcuehyers. <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. OCHC agrees to purchase the Property in the following manner: <br /> a. The two lots, Tax Map 7.91.A.24 and 7.91.A.27, shall be purchased for a <br /> total price of $30,000 fran the current owner with a loan fran BB&T. <br /> The County shall reimburse OCHC $30,000 in HONE funds for this <br /> purchase, and shall provide $1177 toward the payment of closing costs <br /> related to the purchase of the lots. In accordance with the Act, its <br /> regulations, and State Program Requirements for funding provided <br /> directly by the State, the purchase of the lots by OCHC with HOME funds <br /> shall be secured by notes fran OCHC to the County and deeds of trust <br /> constituting a first lien on the property purchased which deeds of <br /> trust shall designate County as the secured party/beneficiary. There <br /> shall be two separate notes, one related to each lot purchased, each in <br /> the m"mt of $15,588.50. The notes and deeds of trust shall be in the <br /> form of the documents that are Exhibit B to this Agreement. <br /> b. OCHC shall then market and sell the lots, construct hones for the <br /> selected buyers, and ca plete the sale of the hones on the Property by <br /> June 30, 1995. <br />