Orange County NC Website
Browse       Search
DocuSign Envelope ID: 65EC9D62 -7FB9- 4747- A005- FC28FEF750E3 <br />with similar interest in affordable housing serving families with income not exceeding <br />60% of the area median household income by family size, as determined by the U.S. <br />Department of Housing and Urban Development at the time of the transfer, the non - profit <br />fund, foundation, or corporation of like purposes must have established its tax - exempt <br />status under Section 501 (c)(3) of the Internal Revenue Code. Owner shall send to <br />Orange County, at the address noted in the Notice section of this Declaration, not less <br />than 90 days prior to the contemplated closing date of the Transfer, a "Notice of Intent to <br />Sell." This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br />executed bona fide offer to purchase the Property on the then current North Carolina Bar <br />Association "Offer to Purchase and Contract" form. If Orange County elects to exercise <br />its said right of refusal, it shall notify the Owner of its election to purchase within 30 days <br />of its receipt of the Notice and shall purchase the Property or portion thereof within 90 <br />days of the receipt of the "Notice of Intent to Sell." <br />C. Sales After Failure to Exercise Rights of Refusal. If Orange County. does not <br />advise Owner in a timely fashion of an intent to purchase the Property, then Owner shall <br />notify Orange County who may assume the position of CASA. <br />d. Assignability. Orange County may not assign its right of first refusal. <br />B. Resale Provisions <br />a. If the Owner no longer uses the Property as affordable rental property, then <br />Owner must sell, transfer, or otherwise dispose of its interest in the Property only to an <br />agency with similar interest in affordable housing and to serve families with incomes not <br />exceeding 60% of the area median household income by family size, as determined by <br />the U.S. Department of Housing and Urban Development at the time of the transfer. The <br />non - profit fund, foundation, or corporation of like purposes must have established its tax - <br />exempt status under Section 501 (c)(3) of the Internal Revenue Code. <br />b. However, if the property is not sold, transferred, or otherwise disposed of to an <br />agency with similar interest in affordable housing during the term of affordability, the net <br />sales proceeds (sales price less: (1) selling cost, and (2) the unpaid principal amount of <br />the initial Orange County contribution and any other initial government contribution <br />secured by a deferred payment promissory note and deed of trust) or "equity" will be <br />divided 50150 by the seller of the Property and Orange County. <br />The resale provisions shall remain in effect for the full affordability period — 15 <br />years. <br />C. 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 or of the Orange County HOME <br />Investment Partnership Program. Orange County, together with Owner, may execute and record <br />any amendment or modification of this Declaration and such amendment or modification shall be <br />binding on third parties granted rights under this Declaration. <br />