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DocuSign Envelope ID:658056BB-F456-432C-AF1 E-905B0A4F4326 <br /> WHEREAS, Habitat intends to use the HOME funds to assist sixteen (16) first-time <br /> homebuyers, who earn between 30% and 65% of HUD area median income, to purchase the <br /> newly constructed housing units at the Projects located in Orange County or either the Northside <br /> neighborhood in Chapel Hill, the Fairview Community in Hillsborough or Tinnin Woods <br /> Community in Efland(all in Orange County, North Carolina); and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> low income household that has not owned a home within the past five (5) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or owner- <br /> occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br /> at least one year prior to the home purchase; <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat <br /> hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br /> site approval, and that such commitment of funds or approval may occur only upon satisfactory <br /> completion of an environmental review and receipt by Orange County of a Release of Funds <br /> from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br /> applicable. The parties further agree that the provision of such funds to the project is <br /> conditioned on Orange County's determination to proceed with, modify, or cancel the project <br /> based on the results of a subsequent environmental review. <br /> WHEREAS, Orange County requires and Owner agrees to the requirement, as a <br /> condition precedent to the awarding of Orange County HOME Investment Partnership Program <br /> funds, that Owner execute, deliver and record this Declaration in the Office of the Register of <br /> Deeds of Orange County in order to create certain covenants pertaining to the Property and <br /> running with the land for the purpose of enforcement of the affordability requirements of the <br /> Orange County HOME Investment Partnership Program. <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set <br /> forth and of other valuable consideration, the receipt and sufficiency of which is hereby <br /> acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive <br /> covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and <br /> are covenants pertaining to the Property and running with the land for the term stated herein and <br /> are binding upon all subsequent owners of the Property and for such term, except as specifically <br /> provided herein, and are not merely personal covenants of Owner. <br /> SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> Owner hereby represents, covenants and warrants as follows: <br /> A. It is contemplated that the Property and the Project will be used, during the ninety-nine <br /> (99) years after Project Completion (defined as the last of the following events: the <br /> Property is acquired, rehabilitated, if necessary, and the last of the nine dwelling units is <br /> occupied by a low-income family), for owner-occupied housing to families earning up to <br /> 60% of HUD area median income. In the event Owner sells, transfers or exchanges the <br /> 15 <br />