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Forest, in accordance with all applicable legal requirements and <br />the Charter and Bylaws of HAHC, for lease.to low- and moderate <br />income families; and <br />WHEREAS, County desires to participate in this project and has <br />received a grant from the N.C. Department of Economic and Community <br />Development Division of Community Assistance in the amount of <br />$250,000 to be used to assist in the development of the Property, <br />which grant money will be loaned to HAHC by County and repaid to <br />County and which loan to HAHC will be repaid in 20 years with a 40 <br />year amortization term;'secured by a deed of trust on the Property, <br />creating a lien junior only to current property taxes and the lien <br />securing construction financing followed by permanent financing of <br />the housing project. <br />WHEREAS, the Division of Community Assistance has conditioned <br />its approval of the requested grant upon the ability of HAHC to <br />meet certain financial requirements, which will enable HAHC to <br />build 35 rental units on the Property within the period hereinafter <br />specified. <br />NOW, THEREFORE, in consideration of the premises and the <br />mutual covenants herein contained, the parties hereto do agree as <br />follows: <br />ARTICLE ONE <br />Upon the purchase by Whitted Forest of the Property, HAHC <br />agrees to execute its responsibilities identified in County's <br />approved CDBG Grant Application to ECD dated July 31, 1991 which <br />K <br />