Orange County NC Website
Whereas Orange County, through its Housing and Community Development Department <br /> provides funding to qualified organizations to expand the supply of affordable housing in Orange <br /> County; and <br /> Whereas Orange County provided partial financing to Chrysalis for twenty (20) housing <br /> units in orange County previously owned by Chrysalis and now owned by CASA; of which eight <br /> (8) of the housing units were financed with HOME Investment Partnership funds totaling <br /> $413,625 and twelve (12) housing units were financed with Orange County Affordable Housing <br /> Bonds funds totaling $560,000; and <br /> Whereas Orange County, to assure the long term affordability of these properties, caused <br /> the properties to be encumbered by various means including development agreements, <br /> declaration of restrictive covenants, deeds of trust and promissory notes; and <br /> Whereas, CASA entered into an Assignment, Assumption and Consent to Transfer Real <br /> Property Agreement with Chrysalis and Orange County, found in the Orange County Register of <br /> Deeds, Deed Book 4867at Page 171; and <br /> Whereas CASA now desires to transfer one dwelling unit, located at 800 Pritchard <br /> Avenue,Unit C-3, in Chapel Hill,North Carolina to EmPOWERment; (hereinafter referred to as <br /> the "Property"), and more particularly described in EXHIBIT A, which is attached hereto and <br /> incorporated herein; and <br /> Whereas the Declaration of Restrictive Covenants, found in the Orange County Register <br /> of Deeds, Deed Book 3405, Page 166, provides that the owner may transfer the Property to a <br /> non-profit corporation of like purpose which is organized and operated exclusively for charitable <br /> and educational purposes and which has established its tax exempt status under Section 501 <br /> (c)(3) of the Internal Revenue Code, subject to the requirements of the Development Agreement <br /> which is attached as EXHIBIT B and incorporated herein, the Declaration of Restrictive <br /> Covenants, and the County Housing Bond Program provided the owner obtains written <br /> agreement, in a form satisfactory to Orange County, from the person acquiring the Property, that <br /> such acquisition is subject to the requirements of the Declaration of Restrictive Covenants, the <br /> Development Agreement and the County Housing Bond Program; and <br /> Whereas a Deed of Trust and Security Agreement, found in Orange County Register of <br /> Deeds, Deed Book 3405, Page 180, secures funds advanced by Orange County to Chrysalis in <br /> the principal sum of $300,000 for the Property (the "Deed of Trust") and evidenced by a <br /> Promissory Note (the "Note") dated the same date as the Deed of Trust, the final payment of <br /> which is due, together with interest thereon, as provided in the Note; and <br /> Whereas CASA desires to transfer the Property to EmPOWERment, a non-profit <br /> corporation of like purpose subject to the requirements of the Declaration of Restrictive <br /> Covenants, the Development Agreement, the Deed of Trust, the Note and the County Housing <br /> Bond Program; and <br /> Whereas CASA desires to assign to EmPOWERment its obligations contained in the <br />