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R86373 200 11117 <br />EmPOWERment shall monitor the purchased units for affordability for the period of <br />affordability — ninety -nine (99) years. Final contract completion date shall be the latest <br />end date of all assisted unit affordability periods. <br />3. Affordability Requirement, Each unit most remain affordable for a period of ninety - <br />nine years. EmPOWERmeht retains full responsibility for compliance with the <br />affordability requirement for assisted units, unless affordability restrictions are <br />terminated due to the sale of the Property to a non - qualified buyer in which event the <br />Resale Provisions of Section 4 of this Agreement pertain. EmPOWERment shall assure <br />compliance with affordability of assisted units by having recording, at the time it sells <br />each of the ten (10) dwelling units, a "Declaration of Restrictive Covenants" (EXHIBIT <br />B) on the Property. This Declaration shall constitute and remain a first lien on the <br />Property during the period of affordability. <br />It is further the responsibility of EmPOWERment to rerecord the Declaration of <br />Restrictive Covenants no later than one day before the expiration of 30 years of the date <br />of its sale of each of the ten dwelling units in the event the homeowner purchasing the <br />property from EnTOWERment is still the owner of the dwelling unit at the time of the <br />rerecording. County retains the right to periodically and every 30 years after the first <br />recording of the Declaration of Restrictive Covenants on the Property to register, with the <br />Register of Deeds of Orange County, a notice of preservation of the Restrictive <br />Covenants on the Property as provided in North Carolina General Statute § 47B -4 or any <br />comparable preservation law in effect at the tune of the recording of the notice of <br />preservation. It is the intent of this Section of this Agreement that the 99 year <br />affordability requirement contained herein be accomplished and that EmPOWERment <br />and the County will do what is necessary to ensure that the same is not extinguished by <br />the Real Property Marketable Title Act or any comparable law purporting to extinguish, <br />by the passage of time, non possessory interests in real property. Both EmPOWERment <br />and County agree to do what each must do to accomplish the 99 -year affordability <br />requirement. <br />4. Resale Provisions. EmPOWERment shall assure compliance with affordability of assisted <br />units through the Declaration of Restrictive Covenants, The Declaration of Restrictive <br />Covenants shall include at least the following elements in their resale provisions for the <br />Improvements: <br />4.1 If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of <br />their interest in the Property only to a qualified homebuyer, i.e., a low-income <br />household, one whose combined income does not exceed 80% of the area median <br />household income by family size, as determined by the U.S, Department of <br />Housing and Urban Development at the time of the transfer, to use as their <br />principal residence, <br />4.2 however, if the property is sold during the term of affordability to a non - qualified <br />homebuyer, the Right of First Refusal provision of the New and Existing First- <br />