Orange County NC Website
DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />2. However, if the property is sold during the term of affordability to a non - qualified <br />homebuyer to be used as their principal residence, the net sales proceeds (sales <br />price less: 1) selling cost, 2) the unpaid principal amount of the original first <br />mortgage and 3) the unpaid principal amount of the initial County contribution <br />and any other initial government contribution secured by a deferred payment <br />promissory note and deed of trust) or "equity" will be divided 50150 by the <br />seller of the Property and the County. If the initial County contribution does <br />not have to be repaid because the sale occurs more than forty years after the <br />County contribution is made, then the seller of the Property and the County will <br />divide the entire equity realized from the sale. <br />3. In the event that Net Sales Proceeds are insufficient to repay the HOME Funds, <br />including principal plus interest, the amount to be recaptured shall be any funds <br />remaining after payment of all senior non -HOME debt and closing costs. In no event <br />shall the borrower be required to use funds other than net proceeds to repay the <br />HOME Funds. <br />4. The recapture provisions shall remain in effect for the full affordability period — 99 <br />years. <br />C. Owner covenants that it will not knowingly take or permit any action that would result in a <br />violation of the affordability requirements of Orange County. Orange County, together with <br />Owner, may execute and record any amendment or modification of this Declaration and such <br />amendment or modification shall be binding on third parties granted rights under this <br />Declaration. <br />D. Owner acknowledges that the primary purpose for requiring compliance by Owner with <br />restrictions provided in this Declaration is to assure compliance with the affordability <br />requirements of Orange County, AND BY REASON THEREOF, OWNER IN <br />CONSIDERATION FOR RECEIVING AFFORDABLE HOUSING BOND PROGRAM <br />FUNDS FOR THE PROPERTY HEREBY AGREES AND CONSENTS THAT ORANGE <br />COUNTY SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREIN, <br />AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN <br />EQUITY, TO ENFORCE BY SPECIFIC PERFORMANCE OWNER'S OBLIGATIONS <br />UNDER THIS DECLARATION IN A STATE COURT OF COMPETENT <br />JURISDICTION, WITH VENUE IN ORANGE COUNTY. Owner hereby further <br />specifically acknowledges that the beneficiaries of Owner's obligations hereunder cannot be <br />adequately compensated by monetary damages in the event of any default hereunder. <br />E. This Declaration may be enforced by Orange County or its designee in the event Owner fails <br />to satisfy any of the requirements of this Declaration by proceedings at law or in equity <br />against any person or persons violating or attempting to violate any covenant. If legal costs <br />are incurred by Orange County, such legal costs, including attorney fees and court costs <br />(including costs of appeal), are the responsibility of, and may be recovered from the Owner. <br />22 <br />