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DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1 D35BD4 III I III I I IIIIIIIII I IIIIIIIIII III III <br />RB6513 96 6158 <br />Termination of Agreement provisions of this Agreement (Section I I.E.) shall pertain. <br />CHT may, at its option, submit a written request for a delay of completion for County <br />approval. The County may, at its option, approve any delay in the completion date or <br />declare CHT in default. <br />CHT shall monitor the housing units for affordability for the period of affordability — <br />ninety -nine (99) years and, if renewed, an additional ninety -nine years. Final contract <br />completion date shall be the end date of the last affordability period. <br />7. DURATION OF THE AGREEMENT AND AFFORDABILITY REQUIREMENT. <br />This Agreement will remain in effect for the Period of Affordability. Upon termination <br />or expiration of this Agreement, CHT shall transfer to the County any HOME funds on <br />hand at the time of expiration and accounts receivable attributable to the use of HOME <br />funds. <br />Housing assisted with HOME funds must meet the affordability requirements of 24 CFR <br />92.254. Under this Agreement, each housing unit must remain affordable for a period of <br />ninety -nine years. CHT retains full responsibility for compliance with the affordability <br />requirement for assisted housing units. CHT shall assure compliance with affordability <br />of assisted housing units by having recorded, no later than the time it leases the first of <br />the housing units, a "Declaration of Restrictive Covenants" (Exhibit C) on the Property. <br />To further assure compliance with the affordability requirements the Ground Lease shall <br />be made an attachment to the Declaration of Restrictive Covenants and recorded <br />therewith. All other security documents should be recorded thereafter. <br />This Declaration shall constitute and remain a first lien on the Property during the period <br />of affordability, unless otherwise provided by law or unless otherwise agreed by County. <br />It is further the responsibility of CHT to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of its lease <br />of each of the housing units in the event the homeowner leasing the housing unit from <br />CHT is still the owner of the housing unit at the time of the rerecording. County retains <br />the right to periodically and every 30 years after the first recording of the Declaration of <br />Restrictive Covenants to register, with the Register of Deeds of Orange County, a notice <br />of preservation of the restrictive covenants on the Property as provided in North <br />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 of this <br />Agreement that the 99 year affordability requirement contained herein be accomplished <br />and that CHT and the County will do what is necessary to ensure that the same is not <br />extinguished by the Real Property Marketable Title Act or any comparable law <br />purporting to extinguish, by the passage of time, non possessory interests in real <br />property. CHT and the County agree to do what each must do to accomplish the 99 year <br />affordability requirement. <br />8. RESALE PROVISIONS. CHT shall assure compliance with long term affordability of <br />assisted housing units as provided for in the Ground Lease, which Ground Lease shall, <br />as to resale provisions, remain in substantially the form of the current version of the <br />n <br />