Orange County NC Website
Browse       Search
13 <br />WHEREAS, the Town Council on ,Tune 25, 1990 approved the concept <br />of this Agreement and on approved the execution, <br />delivery, and performance of this Agreement by the Town; <br />NOW, THEREFORE, in consideration of the foregoing premises and <br />the agreements and undertakings stated in this Agreement, the Town, in <br />its capacity as a housing authority pursuant to N.C.G.S. Section <br />157- 4.1(a), and the Corporation agree: <br />I. Definitions. <br />Capitalized terms appearing in the Agreement, unless defined <br />elsewhere in the Agreement, shall have these definitions: <br />A. "Administrator" means the Town of Chapel Hill, a North <br />Carolina municipal corporation, or its permitted assignee(s) pursuant <br />to Paragraph IX of this <br />r <br />B. "Budget" <br />thereon being currently <br />this Agreement as Exhib. <br />in this Agreement. <br />Agreement. <br />means the budget, the line item figures stated <br />estimated, attached to, and incorporated into, <br />Lt C, as amended from time to time as permitted <br />C. "Buyer" means a Low- income Person or Persons qualified <br />as described in this Agreement and by Permanent Lender (hereinafter <br />defined) criteria to purchase, and who, in fact, signs and closes a <br />Purchase Contract (hereinafter defined) for a Low- income House. <br />D. "CDBG" means Community Development Block Grant. <br />E. "Default" means those events described in Paragraph XI <br />of this Agreement. <br />F. "First Mortgage Loan" means a loan extended to a <br />Low- income Person to enable the Low- income Person to purchase a <br />-- 4 - <br />