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18 <br /> for County approval. The County may, at its option, approve any delay in the <br /> completion date or declare RSI in default. <br /> RSI shall monitor the constructed units for affordability for the period of affordability — <br /> ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br /> assisted unit affordability periods. <br /> 4. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br /> nine years. RSI retains full responsibility for compliance with the affordability <br /> requirement for assisted units, unless affordability restrictions are terminated due to the <br /> sale of the Property to a non-qualified buyer in which event the Resale Provisions of <br /> Section 5 of this Agreement pertain. RSI shall assure compliance with affordability of <br /> assisted units by having recording, at the time it sells each of the fourteen dwelling units, <br /> a"Declaration of Restrictive Covenants" (EXHIBIT C) on the Property. This Declaration <br /> shall constitute and remain a first lien on the Property during the period of affordability. <br /> It is further the responsibility of RSI to rerecord the Declaration of Restrictive Covenants <br /> no later than one day before the expiration of 30 years of the date of its sale of each of the <br /> fourteen dwelling units in the event the homeowner purchasing the property from RSI is <br /> still the owner of the dwelling unit at the time of the rerecording. County retains the right <br /> to periodically and every 30 years after the first recording of the Declaration of <br /> Restrictive Covenants on the Property to register, with the Register of Deeds of Orange <br /> County, a notice of preservation of the Restrictive Covenants on the Property as provided <br /> in North Carolina General Statute § 47B-4 or any comparable preservation law in effect <br /> at the time of the recording of the notice of preservation. It is the intent of this Section of <br /> this Agreement that the 99 year affordability requirement contained herein be <br /> accomplished and that RSI and the County will do what is necessary to ensure that the <br /> same is not extinguished by the Real Property Marketable Title Act or any comparable <br /> law purporting to extinguish, by the passage of time, non possessory interests in real <br /> property. Both RSI and County agree to do what each must do to accomplish the 99-year <br /> affordability requirement. <br /> 5. Resale Provisions. RSI shall assure compliance with affordability of assisted units <br /> through the Declaration of Restrictive Covenants. The Declaration of Restrictive <br /> Covenants shall include at least the following elements in their resale provisions for the <br /> Improvements: <br /> 5.1 If the buyer no longer uses the Property as rental property or is-unable to continue <br /> ownership, then the buyer must sell, transfer, or otherwise dispose of their interest <br /> in the Property only to an agency with similar interest in affordable housing and <br /> to serve families with incomes not exceeding 80% of the area median household <br /> - income by family size, as determined by the U.S. Department of Housing and <br /> Urban Development at the time of the transfer. The non-profit fund, foundation, <br /> or corporation of like purposes must have established its tax-exempt status under <br /> Section 501 (c)(3) of the Internal Revenue Code. <br /> 18 <br />