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C.- Owner warrants that it has not and will not execute any other-declaration with provisions <br /> contradictory to, or in opposition to, the provisions hereof, and that in any event, the <br /> requirements of this Declaration are paramount and controlling as to the rights and obligations <br /> herein set forth and supersede any other requirements in conflict herewith. <br /> SECTION 2 TERM OF DECLARATION <br /> a.. This Declaration, and the Terms of Affordability specified herein, apply to the Property <br /> immediately upon recordation, and Owner- shall comply with all restrictive covenants herein., <br /> This declaration shall terminate ninety-nine years after Project Completion, unless Orange <br /> County Housing Bond Program affordability restrictions are terminated due to the sale of the <br /> Property to a non-qualified buyer as provided herein.. <br /> SECTION 3 RECORDING AND FILING;COVENANTS TO RUN WITH <br /> THE LAND <br /> a. Upon execution of this Declaration by Owner, Owner-shall cause this declaration and all <br /> amendments hereto to be recorded and filed in the Office of the Reoster of Deeds of Orange <br /> County <br /> b.. Owner- intends, declares and covenants, on behalf'of itself'and all future Owners of the <br /> Project during the term of this Declaration, that this Declaration and the covenants and <br /> restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer <br /> of the Property (1) shall be and are covenants running with the land, encumbering the Property <br /> for the term of this declaration, binding upon Owner's successors in title and all subsequent <br /> Owners of the Property; (2) are not merely personal covenants of Owner; and (3) shall bind <br /> Owner(and the benefits shall inure to Orange County and any past,present or-prospective owner <br /> of the Property) and its respective successors and assigns during the term of this Declaration. <br /> Owner hereby agrees that any and all requirements or privileges of estate are intended to be <br /> satisfied, or in the alternate, that an equitable servitude has been created to insure that these <br /> restrictions run with the Property For-the term of this Declaration, each and every contract, deed <br /> or-other instrument hereafter executed conveying the Property or-portion thereof shall expressly <br /> provide that such conveyance is subject to this Declaration, provided, however, the covenants <br /> contained herein shall survive and be effective regardless of whether such contracts, deed, or <br /> other-instrument hereafter executed conveying the Property or portion thereof'provides that such <br /> conveyance is subject to this Declaration. It is further-the responsibility of Owner to rerecord the <br /> Declaration of Restrictive Covenants periodically and no less often than one day less than every <br /> 30 ,years from the date hereof' for the purpose of renewing the rights of first refusal in the <br /> Property or- portion thexeof'including any leasehold interest in the Property or portion thereof'. <br /> Orange County retains the right to,periodically and every 30 year's after the first recording of the <br /> Declaration of Restrictive Covenants on the Property to register, with the Register of Deeds of <br /> Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided <br /> in North Carolina General Statute § 4713-4 or any comparable preservation law in effect at the <br /> time of the recording of the notice of'preservation It is the intent ofthis Section that the 99 year <br /> duration of this Declaration of Restrictive Covenants be accomplished and that any future owner- <br /> Declaration of Restrictive Covenants <br /> Page 3 <br />