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4 <br /> 2.. CHI may not request disbursement of funds under this Agreement until the funds are <br /> needed for payment of eligible costs in accordance with Exhibit B. The amount of each request <br /> must be limited to eligible costs as determined by Orange County staff. <br /> 3 Said funds shall be disbursed by check payable to the office of the closing attorney. <br /> II. AMOUNT OF BOND FUNDS/TERMS <br /> The County shall make available to CHT up to Two Hundred Thousand Dollars ($200,000) <br /> pursuant to this Agreement., Said funds shall be disbursed by the County to the CHT for <br /> performance of the services described in Exhibit A. The Orange County Affordable Housing <br /> Bond Program funding will be provided in the form of a grant to each subject property <br /> III,. TIMELINESS <br /> CHT shall complete the Project within twelve (12) months from the date of this Agreement.. <br /> However, in the event of any alterations or additions or of circumstances beyond the control of <br /> CHT, which in the opinion of the Director of the County's Department of Housing, Human <br /> Rights and Community Development will require additional time for completion of the Project, <br /> then in that case,the time of completion shall be extended by the County Manager in writing for <br /> a period of time not to exceed six (6)months, Any further extensions will require the approval <br /> of the Orange County Board of County Commissioners. <br /> IV. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for the Period of Affordability established below <br /> V. AFFORDABILITY REQUIREMENTS <br /> Each housing unit must remain affordable for aperiod of ninety-nine years. CHT retains <br /> full responsibility for compliance with the affordability requirement for assisted housing units. <br /> CHT shall assure compliance with affordability of assisted housing units by having recorded,no <br /> later than the time it leases the first of the housing units, a "Declaration of Restrictive <br /> Covenants" (Exhibit C) on the Property.. This Declaration shall constitute and remain a first lien <br /> on the Property during the period of affordability, unless otherwise provided by law or unless <br /> otherwise agreed by County. <br /> It is thither the responsibility of CHT to rerecord the Declaration of Restrictive <br /> Covenants no later than one day before the expiration of 30 years of the date of its lease of each <br /> of the housing units in the event the CHT leasing the housing unit from CHT is still the CHT of <br /> the housing unit at the time of the rerecording.. County retains the right to periodically and every <br /> 30 years after the first recording of the Declaration of Restrictive Covenants to register, with the <br /> Register of Deeds of Orange County, a notice of preservation of the restrictive covenants on the <br /> Property as provided in North Carolina General Statute § 4713-4 or any comparable <br /> preservation law in effect at the time of the recording of the notice of preservation. It is the <br /> 2 <br />