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2 <br /> DRAFT <br /> - 5- R2 <br /> NORTH CAROLINA <br /> ORANGE COUNTY DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br /> unit of the State of North Carolina, (hereinafter referred to as the "County") and <br /> ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit <br /> corporation (hereinafter referred to as "OCHC"). The date of this Agreement is <br /> , 1993. <br /> WITNESSETH <br /> WHEREAS, the Orange HOME Consortium was awarded $50,000 in , 1992, <br /> for the purpose of conveying these funds to OCHC to purchase four lots in Abbotts <br /> Colony subdivision, which property is more particularly described in Exhibit A attached <br /> hereto and made a part of this Agreement (hereinafter referred to as the "Property"); <br /> and <br /> WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br /> designated in an agreement dated , 1992, and as such shall act <br /> as the lead entity in a representative capacity for all members of the Orange HOME <br /> Consortium for the purposes of carrying out the HOME Program in accordance with <br /> the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101- <br /> 625), (42 U.S.C. 3535(d.) et. seq.) (hereinafter referred to as the "Act"), and as further <br /> defined in the State Program Requirements for funding provided directly by the State; <br /> and <br /> WHEREAS, OCHC intends to purchase the Property for the purpose of <br /> constructing homeownership opportunities for first-time homebuyers. <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. OCHC agrees to purchase the Property in the following manner: <br /> a. The first three lots, Lots 18, 18A, and 19, Abbotts Colony subdivision, shall be <br /> purchased for a total price of $55,500 from the current owner as soon as funds <br /> are available from the County. The County shall provide $50,000 in HOME <br /> funds for this purchase, and OCHC shall provide the remainder of funds <br /> needed for closing these first three lots. The County shall record a note and <br /> deed of trust in the amount of $16,667 for each lot at the closing of this sale to <br /> secure the HOME funds in accordance with the Act, its regulations, and State <br /> Program Requirements for funding provided directly by the State, attached <br /> hereto and made a part of this Agreement (Exhibit B). <br /> b. OCHC shall then market and sell the lots, construct homes for the selected <br /> buyers, and complete the sale of the homes on the first three lots by June 30, <br /> 1995. <br />