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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 <br />Prepared by and return to: Annette Moore, Orange County Attorney's Office: <br />P.O. Box 8181; Hillsborough, NC 27278 <br />PIN # 9788 -04 -6303 <br />DECLARATION OF RESTRICTIVE COVENANTS <br />THIS DECLARATION OF RESTRICTIVE COVENANTS ( "Declaration "), dated <br />, by Empowerment, Inc., a North Carolina Non Profit Corporation, for itself <br />and its successors and assigns ( "Owner" or "Empowerment "), is given as a condition precedent <br />to the award of 2016 Orange County Affordable Housing Bond funds. <br />RECITALS: <br />WHEREAS, the Orange County Board of Commissioners awarded Empowerment, Inc. <br />$211,300 in FY 2016 Affordable Housing Bond Program funding to assist in the acquisition of a <br />rental properties on June 6, 2017 (hereinafter "Project Funds "); and <br />WHEREAS, Empowerment agrees to utilize the Project funds for the purpose of <br />acquiring the Property described in its' FY 2016 Orange County Affordable Housing Bond <br />Program application dated March 30, 2017, which is hereby incorporated into this agreement by <br />reference; and <br />WHEREAS, Empowerment intends to use the Project Funds to acquire property, located <br />at 116 Cole Street (PIN # 9788 -04- 6303), Chapel Hill, North Carolina, as rental housing for a <br />low- income family earning up to 50% of HUD area median income (herein after referred to as <br />"the Project dwelling unit" or "the Project ") and will remain affordable to low income families <br />throughout the term of the 99 year period of affordability. The Project dwelling unit is located <br />on the property more particularly described in EXHIBIT A, Legal Description, attached hereto <br />and made a part of this Agreement (hereinafter referred to as "the Property ") (All Exhibits <br />attached to this Agreement are hereby made a part of this Agreement and are incorporated into <br />this Agreement, as it now reads or as it may be modified by the parties); and <br />WHEREAS, notwithstanding any provision of this Agreement, the County and the <br />Empowerment hereto agree and acknowledge that this Agreement does not constitute a <br />commitment of funds or site approval, and that such commitment of funds or approval may occur <br />only upon satisfactory completion of an environmental review. The parties further agree that the <br />provision of such funds to the project is conditioned on Orange County's determination to <br />17 <br />