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LEGALLY BINDING COMMITMENT <br />DEVELOPMENT AGREEMENT <br />HOUSING DEVELOPMENT GRANT PROGRAM <br />COUNTY OF ORANGE, NORTH CAROLINA <br />This AGREEMENT, made and entered into this ------ day <br />of , 1991, by and between Habitat for Humanity <br />of Orange Co, Inc., hereinafter referred to as the "Habitat ", <br />and the County of Orange, a body politic located in the State <br />of North Carolina, hereinafter referred to as the "County ". <br />This agreement will not become effective until all conditions <br />placed upon the County's funding approval are satisfied and <br />funds are released by the N.C. Department of Economic and <br />Community Development (ECD). <br />WITNESSTH <br />WHEREAS, Habitat owns a parcel of approximately 74 acres <br />located in the Bingham Township of Orange County; and <br />WHEREAS, a portion of said property was developed as <br />Phase One - Chestnut Oaks, as shown on a map recorded in <br />Plat Book 45, Page 122, Orange County Registry on September <br />9, 1986; and <br />WHEREAS, the remaining portion of said 74 acre parcel, <br />which is more particularly described in Exhibit B attached <br />hereto, is still owned by Habitat, said remaining portion of <br />the parcel being hereinafter referred to as "the property "; <br />and <br />WHEREAS, Habitat desires to improve the Property with a <br />number of single- family residences, in accordance with all <br />applicable legal requirements and the Charter and Bylaws of <br />Habitat, for sale to low and moderate income families; and <br />WHEREAS, Orange County desires to participate in this <br />project and has received a grant from the N.C. Department of <br />Economic and Community Development Division of Community <br />Assistance in the amount of $175,000 to be used for street <br />improvements on the Property; and <br />WHEREAS, the Division <br />conditioned its approval o <br />Habitat's ability to meet <br />which will enable Habitat to <br />residences on the subject <br />hereinafter specified; and <br />of Community Assistance has <br />E the requested grant upon <br />certain financial requirements, <br />construct at least eleven (11) <br />property within the period <br />1 <br />7 <br />