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5 <br /> ROOK PAGE <br /> 2916 533 <br /> completion date is the closing date of the purchase by a qualified buyer of the housing unit. The <br /> housing unit is defined in Section 4 of this Declaration <br /> SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br /> THE LAND <br /> a Upon execution of this Declaration by OCHLT, OCHI,T shall cause this declaration and <br /> all amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange <br /> County OCHLT shall pay all fees and charges incurred in connection therewith. <br /> b OCHLT intends, declares and covenants that this Declaration and the covenants and <br /> restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer <br /> of the Property (1) shall be and are covenants running with the land, encumbering the Property <br /> for the term of this declaration, binding upon OCHLT, its successors in title and all subsequent <br /> owners of the Property; (2.) are not merely personal covenants of OCHLT; and (3) shall bind <br /> OCHLT (and the benefits shall inure to Orange County and any prospective owner of the <br /> Property) and its successors and assigns during the term of this Declaration OCHLT hereby <br /> agrees that any and all requirements or privileges of estate are intended to be satisfied, or in the <br /> alternate, that an equitable servitude has been created to insure that these restrictions run with <br /> the Property. For the term of this Declaration, each and every contract, deed or other instrument <br /> hereafter executed conveying the Property or portion thereof shall expressly provide that such <br /> conveyance is subject to this Declaration, provided, however, the covenants contained herein <br /> shall survive and be effective regardless of whether such contracts, deed, or other instrument <br /> hereafter executed conveying the Property or portion thereof provides that such conveyance is <br /> subject to this Declaration It is further the responsibility of OCHLI to rerecord this Declaration <br /> periodically and no less often than one day less than every 30 years from the Project completion <br /> date for the purpose of renewing the rights of first refusal in the Property or portion thereof' <br /> including any leasehold interest in the Property or portion thereof', Orange County retains the <br /> right to, periodically and every 30 years after the first recording of a ground lease, the form of <br /> which is Exhibit C hereto, register, with the Register of Deeds of Orange County, a notice of <br /> preservation of the Restrictive Covenants on the Property as provided in North Carolina General <br /> Statute § 4713-4 or any comparable preservation law in effect at the time of the recording of the <br /> notice of preservation. It is the intent of this Section 3 of this Declaration that the 99 year <br /> duration of this Declaration of Restrictive Covenants be accomplished and that OCIILT and <br /> Orange County will do what is necessary to ensure that the same is not extinguished by N C <br /> Gen. Stat § 41-29 or any comparable law purporting to extinguish, by the passage of time, <br /> preemptive rights in the Property and by the Real Property Marketable Title Act or any <br /> comparable law purporting to extinguish, by the passage of time, non possessory interests in real <br /> property. OCHLT and Orange County agree to do what each must do to accomplish the 99 year <br /> duration of this Declaration of Restrictive Covenants. <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br /> A. Upon the Project completion date, OCHLI will convey a housing unit to a qualified <br /> homeowner The housing unit will consist of a 99 year ground lease (renewable for an additional <br /> Declaration of Restrictive Covenants <br /> Page 3 <br />