Orange County NC Website
Browse       Search
DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <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 />7. 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 />8. Assi _nay. Orange County may assign its right of first refusal without Owner's <br />consent. <br />C. Resale Provisions <br />5. 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 />6. 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 price <br />less: 1) selling cost, 2) the unpaid principal amount of the original first mortgage and <br />3) the unpaid principal amount of the initial County contribution and any other <br />initial government contribution secured by a deferred payment promissory note and <br />deed of trust) or "equity" will be divided 50150 by the seller of the Property and the <br />County. If the initial County contribution does not have to be repaid because the sale <br />occurs more than forty years after the County contribution is made, then the seller of <br />the Property and the County will divide the entire equity realized from the sale. <br />7. 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 />8. The recapture provisions shall remain in effect for the full affordability period — 99 <br />years. <br />D. Owner covenants that it will not knowingly take or permit any action that would result in <br />a violation of the affordability requirements of Orange County. Orange County, together <br />with Owner, may execute and record any amendment or modification of this Declaration <br />and such amendment or modification shall be binding on third parties granted rights <br />under this Declaration. <br />30 <br />