Orange County NC Website
Al <br />C. The Administrator annually shall verify that each Buyer <br />is maintaining fire and premises liability insurance on his Low - income <br />House in an amount not less than the greater of its tax value or the <br />amount required by any outstanding loan(s) secured by said Low - income <br />House. <br />D. The Administrator shall maintain and make available to <br />Buyers copies of a waiting list of Low- and Very Low- income Persons <br />who have an interest in buying the Low- income Houses, said waiting <br />list to include the names, addresses, and telephone numbers of said <br />Low- and Very Low- income Persons. <br />E. The Administrator will monitor the sales of the <br />Low- income Houses to verify whether or not they have remained <br />affordable to Low- income Persons as required by NCHFA loans. <br />t <br />F. The Administrator shall pay all of its costs incurred <br />in performing its duties pursuant to this Agreement. <br />G. The Administrator will establish and maintain a funding <br />source (which may includQ. but not be limited to Town Housing Loan <br />Trust Funds) and budget for its financial obligations stated in this <br />Agreement. <br />H. The Administrator shall establish and maintain the <br />Trust bank account for deposit of interest, rent, and other <br />hereindescribed funds arising out of this Agreement pending their <br />disposition as required pursuant to this Agreement. <br />I. The Administrator shall establish and maintain records <br />to document its compliance with the terms and conditions of this <br />Agreement. These records shall be subject, at all reasonable times <br />- 18 - <br />