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RB6505l581V161111�� ►►�►�����►►�►��i�����►�► <br />B. Amount of Affordable Housing/Land Bank Set Aside Funds. The County shall <br />make available to Owner up to Ninety Thousand Dollars ($90,000), subject to <br />the contingencies found in Section I pursuant to this Agreement. Said funds shall <br />be disbursed to Owner by County for performance of services described in <br />Exhibit B. <br />III. LIEN POSITION <br />Orange County hereby acknowledges that the terms and conditions of its (i) <br />Promissory Note, (ii) Deed of Trust and Security Agreement and (iii) Declaration of <br />Restrictive Covenants (collectively referred to as "Orange County Loan <br />Documents "), shall not expressly subordinated to any other documents except as <br />provided in Section I.B. above. <br />I\ lul hl_ <br />Owner shall complete the infrastructure work within twelve (12) months from the date of this <br />document and complete the entire Project by December 2020. However, in the event of any <br />alterations or addition or circumstances beyond the control of the Owner, which in the opinion of <br />the Director of the County's Department of Housing and Community Development Department <br />will require additional time for completion of the Project, then in that case, the time of <br />completion shall be extended by the County Manager in writing for a period of time not to <br />exceed six (6) months. Any further extension will require the approval of the Orange County <br />Board of County Commissioners. <br />V. DURATION OF THE AGREEMENT <br />This Agreement will remain in effect for the Period of Affordability as provided in Section VI, <br />Affordability Requirements. <br />VI. AFFORDABILITY REQUIREMENTS <br />A. Period of Affordability <br />1. Owner agrees to keep the single family homes ("Project Dwelling Units ") for families <br />with incomes between 30% and 65% of Area Median Income as determined by the <br />U.S. Department of Housing and Urban Development and amended from time to <br />time. <br />2. The Project Dwelling Units most remain affordable during the "Period of <br />Affordability", which is ninety-nine years. The Period of Affordability starts from <br />the date of recording of the Declaration and continues for a period of ninety-nine <br />years thereafter. The Owner shall retain full responsibility for compliance with the <br />affordability requirement for each of the Project Dwelling Units during the Period of <br />affordability as provided in the Declaration of Restrictive Covenants ( "Declaration "), <br />recorded at Book .0 Page 4'-t' Orange County, North Carolina Registry. <br />