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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <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 successors and assigns <br />( "Owner "), is given as a condition precedent to the award of Orange County 2016 Orange <br />County Affordable Housing Bond Program funds. <br />RECITALS: <br />WHEREAS, on June 6, 2017 the Orange County Board of Commissioners awarded <br />Habitat $ 915,334 in FY 2016 Orange County Affordable Housing Bond funds and $9,666 in <br />2017 Capital Improvement Plan Affordable Housing Land Banking Funds for a total amount of $ <br />925,000 (together hereafter, "Bond Funds ") to assist in the development of the townhomes <br />located in the Waterstone Residential Development on property more particularly described in <br />Exhibit A, Legal Description, (hereinafter referred to as "the Property ") (All Exhibits attached to <br />this Agreement are hereby made a part of this Agreement and are incorporated into this <br />Agreement, as it now reads or as it may be modified by the parties); and <br />WHEREAS, Habitat intends to construct the infrastructure necessary to construct 24 <br />affordable owner occupied townhomes in the Waterstone Residential Development, for seniors, <br />age 55 and older; 12 townhomes will be for seniors who earn between 30% and 50% of the area <br />median gross income, 8 townhomes for seniors earning between 51% and 60% of the area <br />median income and 4 townhomes where the seniors earn between 61% to 80% of area median <br />income and which will remain affordable for low and moderate income families as described <br />herein and in the application Habitat submitted for FY 2016 Orange County Affordable Housing <br />Bond Program funds on file in the County's Housing and Community Development Office which is <br />hereby incorporated into this Agreement as if written herein (together hereinafter "the Project "); <br />and <br />WHEREAS, this Agreement, notwithstanding anything to the contrary contained in the <br />other agreements, provides funds for the development of the land for the construction of 24 <br />single family dwelling units for the sale of 24 single family dwelling units with a goal as follows: <br />12 dwelling units to be sold to seniors earning between 30% and 50% of the HUD area median <br />income and 8 dwelling units to be sold to seniors earning between 51% and 60% of the HUD <br />area median income, 4 dwelling units to seniors earning between 61% and 80% of HUD area <br />median income. Regardless of whether the goal is met no units subject to this agreement shall be <br />sold to any party earning in excess of 80% of area median income; and <br />26 <br />