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��t5 in <br /> Prepared by: Annette Moore,Esquire,Orange County Staff Attorney,P.O.Box 8181,Hillsborough,NC 27278 <br /> After recording return to: <br /> TERMINATION OF DECLARATION OF RESTRICTIVE COVENANTS <br /> WHEREAS, Community Home Trust, a successor in interest to Or Community <br /> Housing and Land Trust, a North Carolina non-profit housing organization and land trust <br /> ("Owner") in June 2000 purchased property located at 305 Pleasant Drive in Carrboro, North <br /> Carolina hereinafter referred to as "the Property"; and <br /> WHEREAS, Owner in in July 2002 requested that Orange County, a local political <br /> subdivision of the State of North Carolina, ("County") reallocated Thirty Thousand Dollars of <br /> Orange County Housing Trust Fund to Owner in the form of a grant for the purpose of <br /> rehabilitation of the Property so they could sell it to a first-time homebuyer earning less than <br /> 80% of the HUD area median income; and <br /> WHEREAS, the County granted Owner's request and the Parties entered into a <br /> Development Agreement, dated November 6, 2002, which as a condition precedent to receipt of <br /> the funds, the Owner was required to place on the Property a 99 year period of affordability <br /> secured by a Ground Lease with restrictions to ensure further compliance and further secured it <br /> with a Declaration of Restrictive Covenants making the County a third party beneficiary and <br /> successor to the long term affordability remedies in the Ground Lease in the event of a failure of <br /> or inability of Owner to enforce the long term affordability remedies in the Ground Lease; and <br /> WHEREAS, the Owner, as required by the Development Agreement, placed a <br /> Declaration of Restrictive Covenants ("Declaration") recorded at Book 2916, Page 531 in the <br /> Orange County Registry, and more particularly described in Exhibit A, which is attached and <br /> incorporated herein, on the Property; and <br /> WHEREAS, the Owner has repurchased the Property and has determined that they do <br /> not have the funds for the extensive renovation required to return the property to a standard <br /> suitable for conveying the Property to a low income buyer; and <br />