Orange County NC Website
Browse       Search
<br /> <br /> WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of <br />rehabilitating the Property as described in its HOME Program application dated February 20, <br />2015 which is hereby incorporated into and made part of this Agreement; and <br /> <br />WHEREAS, notwithstanding any provision of this Agreement, the County and the <br />Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of <br />funds or site approval, and that such commitment of funds or approval may occur only upon <br />satisfactory completion of an environmental review and receipt by Orange County of a Release <br />of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 <br />if applicable. The parties further agree that the provision of such funds to the project is <br />conditioned on Orange County’s determination to proceed with, modify, or cancel the project <br />based on the results of a subsequent environmental review. <br /> <br />WHEREAS, Owner has signed this Declaration agreeing to the terms of this Declaration, <br />its obligations pursuant to this Declaration and agreeing to the terms of the Development which <br />is attached as Exhibit B hereto and made part of this Agreement between the County and Owner; <br />and <br /> <br />NOW, THEREFORE, in consideration of the promises and covenants hereinafter set <br />forth and of other valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, Owner intends, declares, and covenants that the regulatory and restrictive <br />covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and <br />are covenants pertaining to the Property and running with the land for the term stated herein <br />and are binding upon all subsequent owners of the Property and for such term, except as <br />specifically provided herein, and are not merely personal covenants of Owner. <br /> <br />SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER <br /> <br />Owner hereby represents, covenants and warrants as follows: <br /> <br />A. It is contemplated that the Property and the Project will be used, during the ninety-nine <br />(99) years after Project Completion (defined as the Property acquired, rehabilitated ( if <br />necessary) and occupied by a low-income family earning up to 50% of HUD area median <br />income). <br /> <br />B. In the event Owner sells, transfers or exchanges the Property or any portion of the <br />Property, the following shall pertain: <br /> <br />1. Subject to the requirements of the DEVELOPMENT AGREEMENT (Exhibit B), the <br />Orange County Home Investment Partnership Program and this Declaration, Owner <br />may sell, transfer, or exchange the Property to a non-profit fund, foundation, or <br />corporation of like purpose which is organized and operated exclusively for charitable <br />and educational purposes and which has established its tax exempt status under <br />Section 501 (c)(3) of the Internal Revenue Code, or to Orange County; provided, <br />however, Owner shall obtain the written agreement, in form satisfactory to Orange <br />DocuSign Envelope ID: 1DB0D1D0-6B1C-4086-81CB-264D8410FEAB