2016-328 County Atty - CASA and EmPOWERment, Inc. - Assignment, Assumption and Consent to Transfer Real Property

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Whereas Orange County, through its Housing and Community Development Department provides funding to qualified organizations to expand the supply of affordable housing in Orange County; and Whereas Orange County provided partial financing to Chrysalis for twenty (20)housing units in orange County previously owned by Chrysalis and now owned by CASA; of which eight (8) of the housing units were financed with HOME Investment Partnership funds totaling $413,625 and twelve (12) housing units were financed with Orange County Affordable Housing Bonds funds totaling $560,000; and Whereas Orange County,to assure the long term affordability of these properties, caused the properties to be encumbered by various means including development agreements, declaration of restrictive covenants, deeds of trust and promissory notes; and Whereas, CASA entered into an Assignment, Assumption and Consent to Transfer Real Property Agreement with Chrysalis and Orange County, found in the Orange County Register of Deeds, Deed Book 4867at Page 171; and Whereas CASA now desires to transfer one dwelling unit, located at 800 Pritchard Avenue,Unit C-3, in Chapel Hill,North Carolina to EmPOWERment; (hereinafter referred to as the "Property"), and more particularly described in EXHIBIT A, which is attached hereto and incorporated herein; and Whereas the Declaration of Restrictive Covenants, found in the Orange County Register of Deeds, Deed Book 3405, Page 166, provides that the owner may transfer the Property to a non-profit corporation of like purpose which is organized and operated exclusively for charitable and educational purposes and which has established its tax exempt status under Section 501 (c)(3) of the Internal Revenue Code, subject to the requirements of the Development Agreement which is attached as EXHIBIT B and incorporated herein, the Declaration of Restrictive Covenants, and the County Housing Bond Program provided the owner obtains written agreement, in a form satisfactory to Orange County, from the person acquiring the Property, that such acquisition is subject to the requirements of the Declaration of Restrictive Covenants, the Development Agreement and the County Housing Bond Program; and Whereas a Deed of Trust and Security Agreement, found in Orange County Register of Deeds, Deed Book 3405, Page 180, secures funds advanced by Orange County to Chrysalis in the principal sum of$300,000 for the eight properties (the "Deed of Trust") and evidenced by a Promissory Note (the "Note") dated the same date as the Deed of Trust, the final payment of which is due,together with interest thereon, as provided in the Note; and Whereas the portion of the $300,000 principal funds advanced by Orange County to Chrysalis attributable to the Property is the principal sum of$37,500; Whereas CASA desires to transfer the Property to EmPOWERment, a non-profit corporation of like purpose subject to the requirements of the Declaration of Restrictive Covenants, the Development Agreement, the Deed of Trust, the Note and the County Housing