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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <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 />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 />5. 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 />6. 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 />29 <br />