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<br />RB6517 185 3112
<br />Whereas CASA desires to transfer the Property to Town of Chapel Hill, subject to the
<br />requirements of the Deed of Trust, the Note, the Declaration, the Development Agreement, and the Orange
<br />County HOME Program, as such requirements relate to the Property; and
<br />Whereas CASA desires to assign to Town of Chapel Hill its obligations contained in the Deed of
<br />Trust, the Note, the Declaration, the Development Agreement and the Orange County HOME Program,
<br />as such obligations relate to the Property; and
<br />Whereas Town of Chapel Hill desires to accept the transfer of Property from CASA subject to the
<br />requirements of the Declaration, the Development Agreement and the Orange County HOME Program,
<br />as such requirements relate to the Property; and
<br />Whereas Town of Chapel Hill desires to accept from CASA the assignment of the obligations
<br />contained in the Deed of Trust and the Note, as such obligations relate to the Property; and
<br />Whereas Orange County, as evidenced by its execution of this instrument, consents to the transfer
<br />and acceptance of the transfer of Property subject to the requirements the Declaration, the Development
<br />Agreement and the Orange County HOME Program along with the assignment of the obligations
<br />contained in the Deed of Trust and the Note, as such requirements and obligations relate to the Property;
<br />NOW THEREFORE, CASA, successor in interest to Chrysalis, a North Carolina Non - Profit corporation
<br />does hereby:
<br />(1) give, transfer, assign, and deliver unto Town of Chapel Hill, and its successors, nominees
<br />and lawful assignees all of its rights, title and interest, and all addenda, modifications and amendments
<br />thereto, in and to the Property described in EXHIBIT A; and
<br />(2) assign and transfer to Town of Chapel Hill, its obligations, as such obligations relate to the
<br />Property, contained in the Declaration, the Development Agreement, the Deed of Trust and the Note, and
<br />the obligation to pay money due and to become due upon the Note, with interest. Said assignment is
<br />subject to all terms and conditions found in the Deed of Trust, the Note, the Declaration, the Development
<br />Agreement, and all addenda, modifications and amendments thereto and shall remain in effect under this
<br />assignment and for any successor assignor or any successor assignee who shall assume all duties and
<br />obligations of the original borrower.
<br />FURTHER, Town of Chapel Hill, a local municipality in the State of North Carolina, does hereby assume
<br />the obligations, as such obligations relate to the Property, contained in the Declaration, the Development
<br />Agreement, the Deed of Trust and the Note, and the obligation to pay money due and to become due upon
<br />the Note, with interest. Said assumption is subject to all terms and conditions found in the Deed of Trust,
<br />the Note, the Declaration of Restrictive Covenants, the Development Agreement, and all addenda,
<br />modifications and amendments thereto and shall remain in effect under this assumption and for any
<br />successor assignor or any successor assignee who shall assume all duties and obligations of the original
<br />borrower.
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