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3 <br /> ({Q FILED <br /> llv 07 MAR 2003, at 04:48:12pm <br /> Book. 2916, Page 531 - 538 <br /> Joyce H. Pearson <br /> Registez of Deeds, <br /> Orange County, N. C. <br /> BOOK PAGE <br /> 2916 531 <br /> Prepared by: Geoffrey E.Gledhill,Attorney at Law,P.O,Drawer 1529, <br /> Hillsborough,NC 27278 <br /> After recording return to: Geoffrey E.Gledhill,Attorney at Law <br /> 13-41,9- to-15.� <br /> DECLARATION OF RESTRICTIVE COVENANTS <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated March <br /> 7 2003, by ORANGE COMMUNITY HOUSING AND LAND TRUST, a North Carolina <br /> non-profit housing organization and land trust, and its successors and assigns(hereinafter referred <br /> to as `OCHLT"'),is given as a condition precedent to the award of Orange County Housing Trust <br /> Fund tends to OCHLT by Orange County,North Carolina <br /> RECITALS: <br /> WHEREAS. OCII.T submitted a request dated May 21, 2002 for the reallocation of <br /> $30.000 from the Orange County Housing Trust Fund to assist in the acquisition/rehabilitation of <br /> property targeted for inclusion in the land trust;and <br /> WHEREAS, on June 4, 2002 the Orange County Board of Commissioners approved the <br /> May 21 2002 request and reallocated $30,000 as a grant to OCHLT for the aforementioned <br /> purpose:and <br /> WHEREAS, on July 1,2002, OCHLT proposed to utilize this funding for the property the <br /> organization owns located at 305 Pleasant Drive in Carrboro, NC, which property is hereinafter <br /> refer red to as the"Property" and which property is more specifically defined in EXHIBIT A;and <br /> WHEREAS. OCHL I plans to rehabilitate the dwelling located on the Property for the <br /> benefit of a first-time homebuyer earning less than 80% of the HUD area median income as <br /> defined in the July 1, 2002. OCHLT proposal, which proposal is incorporated by reference into <br /> this Agreement, and hereinafter referred to as"the Project." The Project proposal is on file in the <br /> office of the Orange County Department of Housing and Urban Development;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 three (3) 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 <br /> WHEREAS, the Property will be held by OCTILI,ensuring affordability of the home for <br /> at least 99 years:,and <br /> WHEREAS, Orange County requires and OCHLI agrees to the requirement, as a <br /> condition precedent to the awarding of Orange County Housing Trust Fund funds, that OCHLT <br /> execute, deliver and record this Declaration in the Office of'the Register of Deeds of Orange <br /> County in order to create certain covenants pertaining to the Property and running with the land <br /> Declaration of Restrictive Covenants <br /> Page 1 <br />