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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />amount of money credited to each homebuyer will be, to the extent practicable, an equal amount <br />for each of the 24 dwelling units constructed by Habitat on the Property or will be allocated <br />based on area median income of the buyer; and <br />WHEREAS, the credit for Bond Funds, including the Bond Funds loaned to Habitat as <br />part of this Agreement, totals $38,542 for each of the dwelling units in the Project ($925,000 <br />total Bond Funds divided by 24 dwelling units) if allocated equally; and <br />WHEREAS, County and Habitat hereto agree and acknowledge that this Agreement <br />does not constitute a commitment of funds or site approval, and that such commitment of funds <br />or approval may occur only upon satisfactory completion of an environmental review. The <br />parties further agree that the provision of such funds to the project is conditioned on Orange <br />County's determination to proceed with, modify, or cancel the project based on the results of a <br />subsequent environmental review. <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />I. USE OF BOND FUNDS <br />A. Each of the recitals contained in this Agreement is a covenant, promise representation <br />and contractual obligation according to its terms in this Agreement. <br />B. The Owner shall perform the projects or tasks related to its allocation of Bond funds as <br />provided in Exhibit B, Scope of Services and within the proposed budget outlined in <br />Exhibit C, Budget and as contained herein. <br />1. Habitat shall construct the necessary infrastructure to build at least twenty -four (24) <br />dwelling units as defined in the Project, obtain all permits and licenses necessary for <br />construction, and comply with applicable building and zoning ordinances and the <br />North Carolina Housing Finance Agency Energy Standards. <br />2. Habitat shall strive to sell the newly constructed dwelling units to qualified buyers in <br />the following manner: twelve (12) dwelling units to be sold to seniors earning <br />between 30% and 50% of the HUD area median income; eight (8) dwelling units to <br />be sold to seniors earning between 51% and 60% of the HUD area median income, <br />and four (4) dwelling units to seniors earning between 61% and 80% of HUD area <br />median household income by family size, as determined by the U.S. Department of <br />Housing and Urban Development at the time of the sale. Regardless of whether <br />Habitat is able to meet the goals in this paragraph I.B.2., Habitat shall sell the <br />dwelling units to qualified buyers earning between 30% and 80% of area median <br />income and under no circumstances shall any sales be to anyone earning more than <br />80% area median income. <br />C. Said funds shall be disbursed by the County to the Owner for performance of the services <br />described in Exhibit B by check made payable to the Owner. <br />2 <br />