Orange County NC Website
Browse       Search
DocuSign Envelope ID:658056BB-F456-432C-AF1 E-905B0A4F4326 <br /> shall the borrower be required to use funds other than net proceeds to repay the <br /> HOME Funds. <br /> 4. The recapture provisions shall remain in effect for the full affordability period — 99 <br /> years. <br /> C. Owner covenants that it will not knowingly take or permit any action that would result in <br /> a violation of the affordability requirements of Orange County or of the HOME <br /> Investment Partnership Program. Orange County, together with Owner, may execute and <br /> record any amendment or modification of this Declaration and such amendment or <br /> modification shall be binding on third parties granted rights under this Declaration. <br /> D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br /> restrictions provided in this Declaration is to assure compliance with the affordability <br /> requirements of Orange County and the HOME Investment Partnership Program, AND <br /> BY REASON THEREOF, OWNER IN CONSIDERATION FOR RECEIVING HOME <br /> INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY <br /> HEREBY AGREES AND CONSENTS THAT ORANGE COUNTY SHALL BE <br /> ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, AND IN <br /> ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, TO <br /> ENFORCE BY SPECIFIC PERFORMANCE OWNER'S OBLIGATIONS UNDER <br /> THIS DECLARATION IN A STATE COURT OF COMPETENT JURISDICTION, <br /> WITH VENUE IN ORANGE COUNTY. Owner hereby further specifically <br /> acknowledges that the beneficiaries of Owner's obligations hereunder cannot be <br /> adequately compensated by monetary damages in the event of any default hereunder. <br /> E. This Declaration may be enforced by Orange County or its designee in the event Owner fails <br /> to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br /> against any person or persons violating or attempting to violate any covenant. If legal costs <br /> are incurred by Orange County, such legal costs, including attorney fees and court costs <br /> (including costs of appeal), are the responsibility of, and may be recovered from the Owner. <br /> SECTION 6 MISCELLANEOUS <br /> A. Severability. The invalidity of any clause, part, or provision of this Declaration shall not <br /> affect the validity of the remaining portions thereof. <br /> B. Notices. Any Notice shall be in writing and shall be given by depositing the same in the <br /> United States mail, post-paid and registered or certified, and addressed to the party to be <br /> notified, with return-receipt requested, or by delivering the same in person to an officer or <br /> principal of such party. Notice deposited in the mail in the manner hereinabove <br /> described shall be effective upon mailing. For purposes of Notice, the addresses of the <br /> parties shall, unless changed as hereinafter provided, be as follows: <br />