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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />This Declaration and the Terms of Affordability, specified herein, apply to the Property <br />immediately upon recordation and Owner shall comply with all restrictive covenants herein. <br />This declaration shall terminate ninety -nine (99) years after Project Completion, unless Orange <br />Long Term Housing Affordability Policy affordability restrictions are terminated due to the sale <br />of the Property to a non - qualified buyer as provided herein and Orange County agrees to the <br />termination of the Declaration. <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br />THE LAND <br />A. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of <br />Orange County. <br />B. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br />Project during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br />transfer of the Property (1) shall be and are covenants running with the land, <br />encumbering the Property for the term of this declaration, binding upon Owner's <br />successors in title and all subsequent Owners of the Property; (2) are not merely personal <br />covenants of Owner; and (3) shall bind Owner (and the benefits shall inure to Orange <br />County and any past, present or prospective owner of the Property) and its respective <br />successors and assigns during the term of this Declaration. Owner hereby agrees that any <br />and all requirements or privileges of estate are intended to be satisfied, or in the alternate, <br />that an equitable servitude has been created to insure that these restrictions run with the <br />Property. For the term of this Declaration, each and every contract, deed or other <br />instrument hereafter executed conveying the Property or portion thereof shall expressly <br />provide that such conveyance is subject to this Declaration, provided, however, the <br />covenants contained herein shall survive and be effective regardless of whether such <br />contracts, deed, or other instrument hereafter executed conveying the Property or portion <br />thereof provides that such conveyance is subject to this Declaration. It is further the <br />responsibility of Owner to rerecord the Declaration of Restrictive Covenants periodically <br />and no less often than one day less than every 30 years from the date hereof for the <br />purpose of renewing the rights of first refusal in the Property or portion thereof including <br />any leasehold interest in the Property or portion thereof. Orange County retains the right <br />to, periodically and every 30 years after the first recording of the Declaration of <br />Restrictive Covenants on the Property to register, with the Register of Deeds of Orange <br />County, a notice of preservation of the Restrictive Covenants on the Property as provided <br />in North Carolina General Statute § 47134 or any comparable preservation law in effect <br />at the time of the recording of the notice of preservation. It is the intent of this Section <br />that the ninety -nine (99) year duration of this Declaration of Restrictive Covenants be <br />accomplished and that any future owner of the Property, Habitat, and Orange County will <br />do what is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41- <br />29 or any comparable law purporting to extinguish, by the passage of time, preemptive <br />rights in the Property and by the Real Property Marketable Title Act or any comparable <br />20 <br />