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DocuSign Envelope ID:CD9F8982-55C9-4553-9BE5-F346295164C5 <br /> deed of trust) or "equity" will be divided 50/50 by the seller of the Property and the <br /> County. <br /> 3. The resale provision shall remain in effect for the full Period of Affordability period. <br /> D. Owner agrees to retain full responsibility for compliance with the Affordability <br /> Requirements in this Agreement and the Resale Provisions as provided in Section 4 of the <br /> attached Declaration of Restrictive Covenants, the form of which is attached as Exhibit <br /> D. <br /> E. It is further the responsibility of Owner to rerecord the Declaration of Restrictive <br /> Covenants periodically and no less often than one day less than every 30 years from the <br /> date hereof for the purpose of renewing the rights of first refusal in the Property or <br /> portion thereof including any leasehold interest in the Property or portion thereof. Orange <br /> County retains the right to, periodically and every 30 years after the first recording of the <br /> Declaration of Restrictive Covenants on the Property to register, with the Register of <br /> Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the <br /> Property as provided in North Carolina General Statute § 47B-4 or any comparable <br /> preservation law in effect at the time of the recording of the notice of preservation. It is <br /> the intent of this Agreement that the forty (40) year duration of this Declaration of <br /> Restrictive Covenants be accomplished and that any future Owner of the Property, <br /> Owner, and Orange County will do what is necessary to ensure that the same is not <br /> extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, <br /> by the passage of time, preemptive rights in the Property and by the Real Property <br /> Marketable Title Act or any comparable law purporting to extinguish, by the passage of <br /> time, non-possessory interests in real property. Any future Owner, Owner and Orange <br /> County agree to do what each must do to accomplish the Forty (40) year duration of this <br /> Declaration of Restrictive Covenants. <br /> VII. OWNER PERFORMANCE UNDER THIS AGREEMENT <br /> A. Owner agrees and authorizes the County to conduct on-site reviews, examine client and <br /> contractor records, client applications and to conduct any other procedures or practices to <br /> assure compliance with these provisions. <br /> B. Owner agrees to not violate any State or Federal laws, rules or regulations regarding a <br /> direct or indirect illegal interest on the part of any employee or elected official of the <br /> Owner in the Project or payments made pursuant to this Agreement. <br /> C. Owner agrees that to the best of its knowledge, neither the Project nor the funds provided <br /> therefore, and the personnel employed in the administration of the program shall be in <br /> any way or to any extent engaged in the conduct of political activities in contravention of <br /> Chapter 15 of Title 5, United States Code, referred to as the Hatch Act. <br /> D. Owner shall adopt the audit requirements of the Office of Management and Budget <br /> (hereinafter "OMB") Circular A-110, "Grants and Agreements with Institutions of Higher <br />