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i�iijiilii 1�ilj <br />RB6511 482 3/9 <br />Property shall comply with all covenants herein. This Declaration shall terminate ninety -nine <br />years after the Project completion date as specified in the GRANT AGREEMENT. <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND <br />a. CHT shall cause this declaration and all amendments hereto to be recorded and filed in <br />the Office of the Register of Deeds of Orange County upon its execution. CHT shall pay all fees <br />and charges incurred in connection therewith. <br />b. CHT intends, declares and covenants, on behalf of itself and all future owners of the <br />Property 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 all present and future owners of the Property; (2) <br />are not personal covenants of Declarant; and (3) shall bind all present and future owners (and the <br />benefits shall inure to the County and any prospective owner of the Property) and its respective <br />successors and assigns during the term of this Declaration. For the term of this Declaration, each <br />and every contract, lease, deed or other instrument hereafter executed conveying the Property or <br />portion thereof shall expressly provide that such conveyance is subject to this Declaration, <br />provided, however, the covenants contained herein shall survive and be effective regardless of <br />whether such contract, lease, deed, or other instrument hereafter executed conveying the <br />Property or portion thereof provides that such conveyance is subject to this Declaration. It is <br />further the responsibility of CHT to rerecord this Declaration periodically and no less often than <br />one day less than every 30 years from the date hereof for the purpose of renewing the rights of <br />first refusal in the Property or portion thereof including any leasehold interest in the Property or <br />portion thereof. The County retains the right to, periodically and every 30 years after the first <br />recording of the Ground Lease created in Exhibit C hereof, register, with the Register of Deeds <br />of Orange County, a notice of preservation of the Restrictive Covenants on the Property as <br />provided in North Carolina General Statute § 47B -4 or any comparable preservation law in effect <br />at the time of the recording of the notice of preservation. It is the intent of this Section 3 of this <br />Declaration that the 99 year duration of this Declaration of Restrictive Covenants be <br />accomplished and that any future owner of the Property, CHT and Orange County will do what <br />is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41 -29 or any <br />comparable law purporting to extinguish, by the passage of time, preemptive rights in the <br />Property 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 future owner of <br />the Property, CHT and Orange County will to do what each must do to accomplish the 99 year <br />duration of this Declaration of Restrictive Covenants. <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br />a. At the time of resale of the project dwelling unit, CHT will convey a housing unit to <br />qualified homebuyer. Each housing unit will consist of a 99 year Ground Lease (renewable for <br />an additional 99 years) to the project dwelling unit. The Ground Lease, the form of which is <br />Exhibit C hereto, provides for the long term affordability (at least 99 years) of the housing unit <br />and provides remedies to insure the long term affordability of the housing unit. CHT hereby <br />