Agenda - 06-29-1993 - III-L - Laserfiche WebLink

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fr / / ' 'A3 NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County" ) and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit corporation (hereinafter referred to as "OCHC" ) . The date of this Agreement is , 1994 . WITNESSETH WHEREAS, the Orange HOME Consortium was awarded $32 , 000 in October, 1992 , for the purpose of conveying these funds to OCHC to purchase two lots on Creel Street in Chapel Hill, North Carolina, which property is more particularly described in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the "Property" ) ; and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated August 27, 1992, and amended January 26, 1993 and July 28, 1993 and as such shall act as the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston- Gonzalez National Affordable Housing Act (Pub. L. 101-625 ) , (42 U.S .C. 3535 (d. ) et. seq. ) (hereinafter referred to as the "Act" ) , and as further defined in the State Program Requirements for funding provided directly by the State; and WHEREAS, OCHC intends to purchase the Property for the purpose of constructing homeownership opportunities for first-time homebuyers. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto do agree as follows: 1 . OCHC agrees to purchase the Property in the following manner: a. The two lots, Tax Map 7 . 91.A.24 and 7 . 91.A.27 , shall be purchased for a total price of $30, 000 from the current owner with a loan from BB&T. The County shall reimburse OCHC $30, 000 in HOME funds for this purchase, and shall provide $1177 toward the payment of closing costs related to the purchase of the lots. In accordance with the Act, its regulations, and State,Program Requirements for funding provided directly by the State, the purchase of the lots by OCHC with HOME funds shall be secured by notes from OCHC to the County and deeds of trust constituting a first lien on the property purchased which deeds of trust shall designate County as the secured party/beneficiary. There shall be two separate notes, one related to each lot purchased, each in the amount of $15,588 .50 . The notes and deeds of trust shall be in the form of the documents that are Exhibit B to this Agreement.