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0 <br />WHEREAS, Habitat does not presently have a sufficient <br />amount of liquid assets and pledges designated for use in the <br />construction of such residences, but has secured a loan <br />commitment in the amount of $365,000, as documented in <br />Exhibit C, which can be utilized to raise the required <br />capital for house construction, if necessary; <br />NOW THEREFORE, in consideration of the premises and of <br />the mutual covenants herein contained, the parties hereto do <br />agree as follows: <br />1. Habitat agrees to execute its responsibilities <br />identified in the County's CD ®G Application to ECD dated <br />October 16, 1991 (Exhibit A). <br />2. Habitat further agrees to construct no fewer than <br />eleven (11) houses for low and moderate income families <br />meeting all applicable legal requirements. With prior <br />approval from ECD, this commitment may be partially <br />waived by the County if failure to meet the commitment <br />is determined to be due to events beyond the control of <br />the Developer including, but not limited to, an <br />unfavorable, unforeseeable occurrence of severe economic <br />conditions and where such waiver will not substantially <br />affect the project as described in the application. <br />3. The County agrees to execute its responsibilities as <br />defined in the approved grant application (Exhibit A) <br />and within the times set forth therein. <br />4. Each party shall keep and maintain books, records, and <br />other documents relating directly to the receipt and <br />disbursement of grant funds and the fulfillment of this <br />agreement. <br />5. Each party agrees that any authorized representative of <br />the County of Orange, the North Carolina Department of <br />Economic and Community Development, the North Carolina <br />Department of Housing and Urban Development, and <br />Comptroller General of the United states shall; at all <br />reasonable times, have access to and the right to <br />inspect, copy, audit, and examine all of the books, <br />records, and other documents relating to the grant and <br />the fulfillment of this agreement for a period of three <br />(3) years following the completion of all closeout <br />procedures respecting the Community Development funds, <br />and the final settlement and conclusion of all issues <br />arising out of the Community Development project. <br />2 <br />