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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />law purporting to extinguish, by the passage of time, non - possessory interests in real <br />property. Any future owner, Habitat and Orange County agree to do what each must do to <br />accomplish the ninety -nine (99) year duration of this Declaration of Restrictive <br />Covenants. <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <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 the original homebuyer or any subsequent qualified <br />homebuyer ('Buyer ") contemplates a Transfer to an unqualified buyer, Buyer shall <br />send to Orange County and /or the sponsoring non - profit organization, not less than <br />90 days prior to the contemplated closing date of the Transfer, a 'Notice of Intent to <br />Sell." This Notice of Intent to Sell shall be accompanied by a copy of a <br />completed, fully executed bona fide offer to purchase the Property on the then current <br />North Carolina Bar Association "Offer to Purchase and Contract" form. If Orange <br />County and /or Habitat elects to exercise its said right of refusal, it shall notify the <br />Buyer of its election to purchase within 30 days of its receipt of the Notice and shall <br />purchase the Property or portion thereof within 90 days of the receipt of the 'Notice of <br />Intent to Sell." As between the County and the sponsoring non -profit organization, if <br />both wish to and have the means to exercise the right of first refusal, the sponsoring <br />non - profit organization shall have priority. <br />3. Sales After Failure to Exercise Rights of Refusal. If neither Orange County nor <br />Habitat advises the Buyer in a timely fashion of its intent to purchase the Property, <br />then the Buyer shall be free to transfer the property in accordance with the Equity <br />Sharing subsection of this policy. <br />4. Assignability. Orange County may assign its right of first refusal without Owner's <br />consent. <br />B. Resale Provisions <br />I. If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of their <br />interest in the Property only to a qualified homebuyer, i.e., a low- income household, <br />one whose combined income does not exceed 80% of the area median household <br />income by family size, as determined by the U.S. Department of Housing and Urban <br />Development at the time of the transfer, to use as their principal residence. <br />21 <br />