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<br />RB6517 184 2/12
<br />Whereas Orange County provided partial financing to OPC Foundation for Mental Health, Inc.,
<br />predecessor in interest to Chrysalis, for twenty (20) housing units in Orange County previously owned by
<br />Chrysalis and now owned by CASA; of which eight (8) of the housing units were financed with HOME
<br />Investment Partnership funds totaling $413,625 and twelve (12) of the housing units were financed with
<br />Orange County Affordable Housing Bonds funds totaling $560,000; and
<br />Whereas Orange County, to assure the long term affordability of these properties, caused the
<br />properties to be encumbered by various means including development agreements, declaration of
<br />restrictive covenants, deeds of trust and promissory notes; and
<br />Whereas a Deed of Trust and Security Agreement, recorded in Book 3405, Page 180, Orange
<br />County Registry, secures said funds advanced by Orange County to Chrysalis [then operating under the
<br />legal name of OPC Foundation for Mental Health, Inc.] in the principal sum of $300,000 for the Property
<br />[hereinafter described] and other properties, (the "Deed of Trust ") and evidenced by a Promissory Note
<br />(the "Note ") of even date, the final payment of which is due, together with interest thereon, as provided
<br />in the Note; and
<br />Whereas, the portion of the $300,000 principal funds as evidenced by the Note and secured by the
<br />Deed of Trust, attributable to the Property is the principal sum of $75,000; and
<br />Whereas certain Declaration of Restrictive Covenants, recorded in Book 3405, Page 166, Orange
<br />County Registry, (the "Declaration "), including the requirements of the Development Agreement which
<br />is attached as Exhibit B of the said Declaration, and reiterated and incorporated herein and the Orange
<br />County HOME Program provides that the owner may transfer the Property to a non - profit corporation of
<br />like purpose which is organized and operated exclusively for charitable and educational purposes and
<br />which has established its tax exempt status under Section 501 (c)(3) of the Internal Revenue Code,
<br />provided the owner obtains written agreement, in a form satisfactory to Orange County, from the person
<br />or entity acquiring the Property agreeing that such acquisition is and will be subject to the requirements
<br />of the Declaration, the Development Agreement and the Orange County HOME Program; and
<br />Whereas, CASA entered into an Assignment, Assumption and Consent to Transfer Real Property
<br />Agreement with Chrysalis and Orange County in accordance with the Deed of Trust, the Note, the
<br />Declaration, the Development Agreement and the Orange County HOME Program; said Agreement is
<br />recorded in Book 4867, Page 171, Orange County Registry; and
<br />Whereas CASA now desires to transfer two dwelling units, located at Unit 111, Building B and
<br />336, Building H, Ashley Forest in Chapel Hill, North Carolina to Town of Chapel Hill; (being the
<br />"Property "), and more particularly described in EXHIBIT A, which is attached hereto and incorporated
<br />herein; and
<br />Whereas the Town of Chapel Hill is not such a non - profit corporation, and therefore Orange
<br />County Board of Commissioners voted on February 6, 2018 to approve this transfer [a copy of the
<br />minutes of the Board of Commissioners approval is attached hereto as EXHIBIT B and
<br />incorporated herein]; and
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