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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 <br />A. Rights of Refusal <br />1. Grant and Effect. Orange County is granted a right of first refusal to purchase the <br />Property as described in this Section. Any assignment, sale, transfer, conveyance, or <br />other disposition of the Property or any part thereof whether voluntarily or <br />involuntarily or by operation of law ( "Transfer ") shall not be effective unless and <br />until the below- described procedure is followed. <br />2. Right of First Refusal. If Owner contemplates a Transfer during the term of this <br />Declaration to other than an agency with similar interest in affordable housing serving <br />families with incomes not exceeding 60% of the area median household income by <br />family size, as determined by the U.S. Department of Housing and Urban <br />Development at the time of the transfer, the non -profit fund, foundation, or <br />corporation of like purposes must have established its tax - exempt status under <br />Section 501(c)(3) of the Internal Revenue Code, Owner shall send to Orange County, <br />at the address noted in the Notice section of this Declaration, not less than 90 days <br />prior to the contemplated closing date of the Transfer, a "Notice of Intent to Sell." <br />This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br />executed bona fide offer to purchase the Property on the then current North Carolina <br />Bar Association "Offer to Purchase and Contract" form. If Orange County elects to <br />exercise its said right of refusal, it shall notify the Owner of its election to purchase <br />within 30 days of its receipt of the Notice and shall purchase the Property or portion <br />thereof within 90 days of the receipt of the "Notice of Intent to Sell." The right of <br />first refusal granted to the County pursuant to this Section 4 shall be in force <br />commencing immediately. <br />3. Sales After Failure to Exercise Rights of Refusal._If Orange County does not advise <br />the Owner in a timely fashion of its intent to purchase the Property, then the Owner <br />shall be free to transfer the property in accordance with this Section of the <br />Declaration. <br />4. Assignability. Orange County may assign its right of first refusal without Owner's <br />consent. <br />B. Resale Provisions <br />1. If the Owner no longer uses the Property as affordable rental property, then Owner <br />must sell, transfer, or otherwise dispose of its interest in the Property only to an <br />agency with similar interest in affordable housing and to serve families with incomes <br />21 <br />