2018-130-a Housing - CASA unit transfer

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RB6517 196 2/11 Whereas Orange County provided partial financing to Chrysalis for twenty (20) housing units in Orange County previously owned by Chrysalis and now owned by CASA; of which eight (8) of the housing units were financed with HOME Investment Partnership funds totaling $413,625 and twelve (12) of the housing units were financed with Orange County Affordable Housing Bonds funds totaling $560,000; and Whereas Orange County, to assure the long term affordability of these properties, caused the properties to be encumbered by various means including development agreements, declaration of restrictive covenants, deeds of trust and promissory notes; and Whereas a Deed of Trust and Security Agreement, recorded in Book 4228, Page 175, Orange County Registry, secures said funds advanced by Orange County to Chrysalis in the principal sum of $100,000 for the Property [hereinafter described], (the "Deed of Trust ") and evidenced by a Promissory Note (the "Note ") of even date, the final payment of which is due, together with interest thereon, as provided in the Note; and Whereas certain Declaration of Restrictive Covenants, recorded in Book 4228, Page 144, Orange County Registry, (the "Declaration "), including the requirements of the Development Agreement which is attached as Exhibit B of the said Declaration, and reiterated and incorporated herein and the Orange County HOME Program provides that the owner may transfer the Property to a non - profit corporation of like purpose which is organized and operated exclusively for charitable and educational purposes and which has established its tax exempt status under Section 501 (c)(3) of the Internal Revenue Code, provided the owner obtains written agreement, in a form satisfactory to Orange County, from the person or entity acquiring the Property agreeing that such acquisition is and will be subject to the requirements of the Declaration, the Development Agreement and the Orange County HOME Program; and Whereas, CASA entered into an Assignment, Assumption and Consent to Transfer Real Property Agreement with Chrysalis and Orange County in accordance with the Deed of Trust, the Note, the Declaration, the Development Agreement and the Orange County HOME Program; said Agreement is recorded in Book 4867, Page 165, Orange County Registry; and Whereas CASA now desires to transfer two dwelling units, located at Unit 203 and 213, Building D, Ashley Forest in Chapel Hill, North Carolina to Town of Chapel Hill; (being the "Property "), and more particularly described in EXHIBIT A, which is attached hereto and incorporated herein; and Whereas the Town of Chapel Hill is not such a non - profit corporation, and therefore Orange County Board of Commissioners voted on February 6, 2018 to approve this transfer [a copy of the minutes of the Board of Commissioners approval is attached hereto as EXHIBIT B and incorporated herein]; and Whereas CASA desires to transfer the Property to Town of Chapel Hill, subject to the requirements of the Deed of Trust, the Note, the Declaration, the Development Agreement, and the Orange County HOME Program, as such requirements relate to the Property; and