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3 <br />ARTICLE ONE <br />HAHC agrees to execute its responsibilities identified <br />in the County's CDHG Application to ECD dated July 31, 1991. <br />(Exhibit A). <br />ARTICLE TWO <br />HAHC further agrees to construct no fewer than thirty - <br />five units for low and moderate income families meeting all <br />applicable legal requirements. With prior approval from ECD, <br />this commitment may be partially waived by the County if <br />failure to meet the commitment is determined to be due to <br />events beyond the control of HAHC including, but not limited <br />to, an unfavorable, unforeseeable occurrence of severe <br />economic conditions and where such waiver will not <br />substantially affect the project as described in the <br />application. <br />ARTICLE THREE <br />The County agrees to execute its responsibilities as <br />defined in the approved grant application (Exhibit A) and <br />within the times set forth therein. <br />ARTICLE FOUR <br />HAHC agrees to repay a uy he $250,000 second <br />mortgage loan herein pro ording to the Repayment <br />Schedule attached as Exhibi hese payments will be annual <br />and due by December 31st of c year during the life of the <br />loan. Payments should be, sent to the Orange County Finance <br />Office, 109 Court Street Hillsborough, N.C. 27278. <br />ARTICLE FIVE <br />1. 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 />2. 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 Comptroller <br />General of the United States shall, at all reasonable times, <br />have access to and the right to inspect, copy, audit, and <br />examine all of the books, records, and other documents <br />relating to the grant and the fulfillment of this agreement <br />for a period of three (3) years following the completion of <br />all closeout procedures respecting the Community Development <br />funds, and the final settlement and conclusion of all issues <br />arising out of the Community Development project. <br />*1* <br />