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DocuSign Envelope ID: 65EC9D62 -7FB9- 4747- A005- FC28FEF750E3 <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange <br />County. <br />b. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br />Project during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer <br />of the Property (1) shall be and are covenants running with the land, encumbering the Property <br />for the term of this declaration, binding upon Owner's successors in title and all subsequent <br />Owners of the Property; (2) are not merely personal covenants of Owner; and (3) shall bind <br />Owner (and the benefits shall inure to Orange County and any past, present or prospective owner <br />of the Property) and its respective successors and assigns during the term of this Declaration. <br />Owner hereby agrees that any and all requirements or privileges of estate are intended to be <br />satisfied, or in the alternate, that an equitable servitude has been created to insure that these <br />restrictions run with the Property. For the term of this Declaration, each and every contract, deed <br />or other instrument hereafter executed conveying the Property or portion thereof shall expressly <br />provide that such conveyance is subject to this Declaration, provided, however, the covenants <br />contained herein shall survive and be effective regardless of whether such contracts, deed, or <br />other instrument hereafter executed conveying the Property or portion thereof provides that such <br />conveyance is subject to this Declaration. It is further the responsibility of Owner to rerecord the <br />Declaration of Restrictive Covenants periodically and no less often than one day less than every <br />30 years from the date hereof for the purpose of renewing the rights of first refusal in the <br />Property or 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 recording of the <br />Declaration of Restrictive Covenants on the Property to register, with the Register of Deeds of <br />Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided <br />in North Carolina General Statute § 4713-4 or any comparable preservation law in effect at the <br />time of the recording of the notice of preservation. It is the intent of this Section that the 15 year <br />duration of this Declaration of Restrictive Covenants be accomplished and that any future owner <br />of the Property, CASA , and Orange County will do what is necessary to ensure that the same is <br />not extinguished by N.C. Gen. Stat. § 41 -29 or any comparable law purporting to extinguish, by <br />the passage of time, preemptive rights in the Property and by the Real Property Marketable Title <br />Act or any comparable law purporting to extinguish, by the passage of time, non possessory <br />interests in real property. Any future owner, CASA, and Orange County agree to do what each <br />must do to accomplish the 15 -year duration of this Declaration of Restrictive Covenants. <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br />A. Rights of Refusal <br />a. 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 involuntarily <br />or by operation of law ( "Transfer ") shall not be effective unless and until the below - <br />described procedure is followed. <br />b. Right of First Refusal. If Owner contemplates a Transfer to other than an agency <br />