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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE <br />V. DURATION OF THE AGREEMENT <br />This Agreement will remain in effect during the "Period of Affordability ", the term of which is <br />ninety- nine (99) years from acquisition of the Property and proper recording the Orange County <br />Loan Documents in the Orange County Registry. The ninety -nine (99) year Period of <br />Affordability requirement will be secured by a Deed of Trust, Promissory Note, and Declaration <br />of Restrictive Covenants that will incorporate a right of first refusal that may be exercised by the <br />County. <br />VI. AFFORDABILITY REQUIREMENTS <br />A. Habitat agrees to sell to qualified buyers as provided in paragraph I.B.2. Area Median <br />Income by family size is determined by the U.S. Department of Housing and Urban <br />Development and amended from time to time. <br />B. Each of the Project dwelling units must remain affordable during the "Period of <br />Affordability" starting from the date of recording of the Declaration and continuing for a <br />period of ninety -nine years thereafter. The Owner shall retain full responsibility for <br />compliance with the affordability requirement for each of the Project dwelling units, <br />unless affordability restrictions are terminated due to the sale of the Property to a non - <br />qualified buyer in which event the Resale Provisions of this Section of this Agreement <br />shall apply. The Owner shall assure compliance with affordability of each of the Project <br />dwelling units as provided in the Declaration on the Property, recorded at Book , <br />Page in the Orange County, North Carolina Registry. The Declaration shall <br />constitute and remain a lien on the Property during the Period of Affordability. <br />C. Habitat shall monitor the constructed units for affordability during the Period of <br />Affordability. <br />D. Owner agrees to the Affordability Requirements as provided herein and the Resale <br />Provisions provided in the Exhibit D, Declaration of Restrictive Covenants, Section 4B. <br />E. It is further the responsibility of the Owner to rerecord the Declaration of Restrictive <br />Covenants periodically and no less often than one day less than every 30 years from the <br />date hereof for the purpose of renewing the rights of first refusal in the Property or <br />portion thereof including any leasehold interest in the Property or portion thereof. Orange <br />County retains the right to, periodically and every 30 years after the first recording of the <br />Declaration of Restrictive Covenants on the Property to register, with the Register of <br />Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the <br />Property as provided in North Carolina General Statute § 47B -4 or any comparable <br />preservation law in effect at the time of the recording of the notice of preservation. It is <br />the intent of this Agreement that the 99 -year duration of this Declaration of Restrictive <br />Covenants be accomplished and that any future owner of the Property, Owner, and <br />Orange County will do what is necessary to ensure that the same is not extinguished by <br />N.C. Gen. Stat. § 41 -29 or any comparable law purporting to extinguish, by the passage <br />5 <br />