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a copy of a completed, fully executed bona fide offer to purchase the Property on the <br /> then current North Carolina Bar Association "Offer to Purchase and Contract" form. <br /> If Orange County elects to exercise its said right of refusal, it shall notify the Owner <br /> of its election to purchase within 30 days of its receipt of the Notice and shall <br /> purchase the Property or portion thereof within 90 days of the receipt of the "Notice <br /> of Intent to Sell." <br /> 3. Sales after Failure to Exercise Rights of Refusal. If Orange County does not advise <br /> Owner in a timely fashion of its intent to purchase the Property, then owner shall be <br /> free to transfer the property in accordance with the provisions in this Section. <br /> 4. Assignability. Orange County may assign its right of first refusal without Owner's <br /> consent. <br /> B. Resale Provisions <br /> 1. If the buyer no longer uses the Property as a principal residence or is unable to <br /> continue ownership, then the buyer must sell, transfer, or otherwise dispose of their <br /> interest in the Property only to a qualified homebuyer, i.e., a low-income household, <br /> one whose combined income does not exceed 80% of the area median household <br /> income by family size, as determined by the U.S. Department of Housing and Urban <br /> Development at the time of the transfer,to use as their principal residence. <br /> 2. However, if the property is sold during the term of affordability, the Right of First <br /> Refusal provision of the New and Existing First-Time Homebuyer Program portion of <br /> the County's Long-Term Housing Affordability Policy must be followed and the Net <br /> Sales Proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of <br /> the original first mortgage and (3) the unpaid principal amount of the initial County <br /> contribution and any other initial government contribution secured by a deferred <br /> payment promissory note and deed of trust) or "equity" will be divided 50/50 <br /> between the Seller of the Property and the County. <br /> 3. In the event that Net Sales Proceeds are insufficient to repay the HOME Funds, including <br /> principal plus interest, the amount to be recaptured shall be any funds remaining after <br /> payment of all senior non-HOME debt and closing costs. In no event shall the borrower <br /> be required to use funds other than net proceeds to repay the HOME Funds. <br /> 4. 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 HOME <br /> Investment Partnership Program. Orange County, together with Owner, may execute and <br /> record any amendment or modification of this Declaration and such amendment or <br /> modification shall be binding on third parties granted rights under this Declaration. <br />