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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />F.YHIRTT P <br />Prepared by and return to: Annette Moore, Orange County Attorney's Office: <br />P.O. Box 8181; Hillsborough, NC 27278 <br />DECLARATION OF RESTRICTIVE COVENANTS <br />THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br />by Habitat for Humanity of Orange County, NC, Inc. for itself and its <br />successors and assigns ( "Owner "), is given as a condition precedent to the award of Orange <br />County 2016 Affordable Housing Bond Program funds. <br />RECITALS: <br />WHEREAS, the County, in the implementation of the 2016 Orange County Affordable <br />Housing Bond Program solicited application for funding for affordable housing projects from <br />interested non - profits organizations; and <br />WHEREAS, Habitat submitted an application for funding to construct 24 dwelling units for <br />seniors, age 55 and older, earning less than 80% of the HUD area median income as described <br />herein and in the application they submitted for FY 2016 Orange County Affordable Housing Bond <br />Program funds on file in the County's Housing and Community Development Office (hereinafter <br />"the Project "); and <br />WHEREAS, on June 6, 2017 the Orange County Board of Commissioners awarded <br />Habitat $ 935,000 in FY 2016 Orange County Affordable Housing Bond funds (hereafter "Bond <br />Funds ") to assist in the development of the townhomes located in the Waterstone Residential <br />Development on property more particularly described in Exhibit A, Legal Description, <br />(hereinafter referred to as "the Property ") (All Exhibits attached to this Agreement are hereby <br />made a part of this Agreement and are incorporated into this Agreement, as it now reads or as it <br />may be modified by the parties); and <br />WHEREAS, Habitat will strive to construct 24 affordable owner occupied townhomes in <br />the Waterstone Residential Development, for seniors, age 55 and older; 12 townhomes will be <br />for seniors who earn between 30% and 50% of the area median gross income, 8 townhomes for <br />seniors earning between 51% and 60% of the area median income and 4 townhomes where the <br />17 <br />