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15 <br /> EXHIBIT C <br /> Prepared by and return to: Annette Moore,Orange County Attorney's Office: P.O.Box <br /> 8181; Hillsborough,NC 27278 <br /> DECLARATION OF RESTRICTIVE COVENANTS <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br /> ,by Community Home Trust, Inc, and its successors and assigns (Owner), <br /> is given as a condition precedent to the award of Affordable Housing Bond Program funds by <br /> Orange County,North Carolina, a body politic and corporate, a political subdivision of the State <br /> of North Carolina, (hereafter "the County") together with any successor to its rights, duties, and <br /> obligations <br /> RECITALS: <br /> WHEREAS, the County, in the implementation of the Orange County Affordable <br /> Housing Bond Program solicited applications for funding from interested non-profit <br /> organizations; and <br /> WHEREAS, CM_submitted,an a pplication for Housing Bond_finding on April 21, <br /> 2008. for $200,000 for second mortgage assistance which is hereby incorporated into this <br /> Agreement, and hereafter, referred to as "The Project", A copy of the application is on file in <br /> the office of the Housing and Community Development Department; and <br /> WHEREAS, the Orange County Board of Commissioners awarded CHI $200,000 in <br /> FY 2001 Orange County Affordable Housing Bond funds to provide second mortgage <br /> assistance to first-time homebuyers earning up to 80% of HUD area median income purchasing <br /> properties owned by the Community Home Trust; and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> low income household that has not owned a home within the past three (3) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or =- <br /> occupants of homes not feasible for rehabilitation <br /> 11 <br />