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RB6378 191 2/17 <br />Whereas Owner now desires to transfer the property, located at 217 Broad Street in <br />Carrboro, North Carolina to Self Help (hereinafter referred to as the "Property"), and more <br />particularly described in EXHIBIT A, which is attached hereto and incorporated herein; and <br />Whereas the Declaration of Restrictive Covenants, found in the Orange County Register <br />of Deeds, Deed Book 2593, Page 561, provides that the owner may transfer the Property to a <br />non -profit corporation of like purpose which is organized and operated exclusively for charitable <br />and educational purposes and which has established its tax exempt status under Section 501 <br />(e)(3) of the internal Revenue Code, subject to the requirements of the Development Agreement <br />which is attached to this document as EXHIBIT B and incorporated herein, the Declaration of <br />Restrictive, Covenants, and the Federal HOME Investment Partnership Program provided the <br />owner obtains written agreement, in a form satisfactory to Orange County, from the person <br />acquiring the Property, that such acquisition is subject to the requirements of the Declaration of <br />Restrictive Covenants, the Development Agreement and the Federal HOME Investment <br />Partnership Program; and <br />Whereas Orange County set aside One Hundred Thousand dollars ($100,000) in federal <br />HOME Investment Partnership Funds for Empowerment Inc., a not for profit corporation, to <br />assist low and moderate income, first -time homebuyers earning up to 80% of HUD area median <br />income purchase existing housing in Orange County as provided in the Development Agreement; <br />and <br />Whereas, Empowerment Inc. assisted Owner in purchasing the Property with $20,000 of <br />the HOME Investment Partnership Funds set aside by Orange County for the purpose of assisting <br />low and moderate income, first -time homebuyers earning up to $0% of HUD area median <br />income; and <br />Whereas a Deed of Trust and Security Agreement, found in Orange County Register of <br />Deeds, Deed Book 3165, Page 165, secures funds advanced by Orange County to Owner in the <br />principal sum of $20,000 for the Property (the "Deed of Trust ") and evidenced by a Promissory <br />Note (the "Note") dated the same date as the Deed of Trust, the final payment of which is due, <br />together with interest thereon, as provided in the Note; and <br />Whereas Owner now desires to transfer the Property to Self Help, a non -profit <br />corporation . of like purpose subject to the requirements of the Declaration of Restrictive <br />Covenants, the Development Agreement, the Deed of Trust, the Note and the Federal HOME <br />Investment Partnership Program, as such requirements relate to the Property; and <br />Whereas Self Help desires to accept the transfer of Property from Owner subject to the <br />requirements of the Declaration of Restrictive Covenants, the Development Agreement, the Deed <br />of Trust, the Note and the Federal HOME Investment Partnership Program, as such requirements <br />relate to the Property; and <br />Whereas Orange County consents to the transfer and acceptance of the transfer of <br />Property subject to the requirements the Declaration of Restrictive Covenants, the Development <br />Agreement and the Federal HOME Investment Partnership Program along with the assumption <br />