Agenda - 03-09-1992 - Laserfiche WebLink

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M ^ NORTH CA. ORANGE Count-r Page 9 ATTACHMENT 3 THIS AGREEMENT, made and entered into the first day of November,. 1991, by and between the TOWN OF CHAPEL HILL, a North Carolina Municipal Corporation, 306 North Columbia Street, Chapel Hill, North Carolina, hereinafter referred to as "Town ", and HABITAT FOR HUMANITY, ORANGE COUNTY, NC, INC., hereinafter referred to as "HHOC", WHEREAS, the Town is the owner of lot numbers 4, S, 121 l3, 21, 24, 33 and 34 located in the Culbreth Park aubdivisiont and WHEREAS, the Town desires to use these lots to assist in providing affordable homeownership opportunities for low-income families who can not qualify for traditional mortgagesr and WHEREAS, it is in the interest of the 'TOWN that the Town assist HHOC with its homeownership_ program by making available some or all of the eight lots listed above to HHOCi and WHEREAS, it is desirable that a Cooperation Agreement with respect to the conveyance of the eight (9) lots be established by and between the Town and HHOC, and WHEREAS, it is understood and agreed that-the purpose of this Agreement is to outline the responsibilities of the Town and HHOC in transfer and developing the lots. NOW THEREFORE, in consideration of the above, the Town and HHOC agree to the followinq,irosponsibilities and/or duties. The Team, as owner, will transfer eight lots, located in the Culbreth Park Subdivision, one at a time, to HHOC, Duties of the Town include, but are not limited to the followingt 3.0 Prepare necessary paper work for transferring lots. 2. Transfer lots one at a time to HHOC when potential low-income homebuyor has been selected by HHOC and HHOC has raised sufficient fund to begin constructing the house, and a pool of volunteer labor is available. 3. Provide for the maintenance and up -keep of lot until lot has 00k been transferred to HHOC.