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1111 �11U11Ul��lil���������������1���������� <br />R86505 582 7116 <br />(The form of which is attached as Exhibit C and hereby incorporated into this <br />Agreement. The Declaration shall constitute and remain a lien on the Property during <br />the Period of Affordability. <br />3. If the affordability restrictions are terminated due to the sale of the Property to a non- <br />qualified buyer the Resale Provisions of this Section of this Agreement shall apply. <br />4. Owner agrees to the Affordability Requirements as provided herein and the Resale <br />Provisions provided in the Exhibit C, Declaration of Restrictive Covenants, Section <br />4B. <br />5. 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 <br />the 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. <br />Orange County retains the right to, periodically and every 30 years after the first <br />recording of the Declaration of Restrictive Covenants on the Property to register, with <br />the Register of Deeds of Orange County, a notice of preservation of the Restrictive <br />Covenants on the Property as provided in North Carolina General Statute § 4713-4 or <br />any comparable preservation law in effect at the time of the recording of the notice of <br />preservation. It is the intent of this Agreement that the 99 -year duration of this <br />Declaration of Restrictive Covenants be accomplished and that any future owner of <br />the Property, Owner, and Orange County will do what is necessary to ensure that the <br />same is not extinguished by N.C. Gen. Stat. § 41 -29 or any comparable law <br />purporting to extinguish, by the passage of time, preemptive rights in the Property <br />and by the Real Property Marketable Title Act or any comparable law purporting to <br />extinguish, by the passage of time, non possessory interests in real property. Any <br />form owner, Owner and Orange County agree to do what each must do to <br />accomplish the 99 -year duration of this Declaration of Restrictive Covenants. <br />B. Resale Provisions. The Declaration of Restrictive Covenants shall include at least the <br />following elements in their resale provisions for the Improvements: <br />1. 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 />2. If the Property is sol(, transferred, or otherwise disposed of during the Period of <br />Affordability to a non - qualified homebuyer or to other than an agency with similar <br />interest in affordable housing, the Right of First Refusal provision of the then current <br />County's Long -Term Housing Affordability Policy most be followed and the net <br />sales proceeds (sales price less: 1) selling cost, 2) the unpaid principal amount of the <br />original first mortgage and 3) the unpaid principal amount of the initial County <br />