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Project during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting theuse, occupancy and <br />transfer of the Property (1) shall be and are covenants running with the land, <br />encumbering the Property for the term of this declaration, binding upon Owner's <br />successors in title and all subsequent Owners of the Property; (2) are not merely personal <br />covenants of Owner; and (3) shall bind Owner (and the benefits shall inure to Orange <br />County and any past, present or prospective owner of the Property) and its respective <br />successors and assigns during the term of this Declaration. Owner hereby agrees that any <br />and all requirements or privileges of estate are intended to be satisfied, or in the alternate, <br />that an equitable servitude has been created to insure that these restrictions run with the <br />Property. For the term of this Declaration, each and every contract, deed or other <br />instrument hereafter executed conveying the Property or portion thereof shall expressly <br />provide that such conveyance is subject to this Declaration, provided, however, the <br />covenants contained herein shall survive and be effective regardless of whether such <br />contracts, deed, or other instrument hereafter executed conveying the Property or portion <br />thereof provides that such conveyance is subject to this Declaration. It is further the <br />responsibility of Owner to rerecord the Declaration of Restrictive Covenants periodically <br />and no less often than one day less than every 30 years from the date hereof for the <br />purpose of renewing the rights of first refusal in the Property or portion thereof including <br />any leasehold interest in the Property or portion thereof. Orange County retains the right <br />to, periodically and every 30 years after the first recording of the Declaration of <br />Restrictive Covenants on the Property to register, with the Register of Deeds of Orange <br />County, a notice of preservation of the Restrictive Covenants on the Property as provided <br />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 <br />that the ninety-nine (99) year duration of this Declaration of Restrictive Covenants be <br />accomplished and that any future owner of the Property, Habitat, and Orange County will <br />do what is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41- <br />29or any comparable law purporting to extinguish, by the passage of time, preemptive <br />rights in the Property and by the Real Property Marketable Title Act or any comparable <br />law purporting to extinguish, by the passage of time, non-possessory interests in real <br />property. Any future owner, Habitat and Orange County agree to do what each must do to <br />accomplish the ninety-nine (99) year duration of this Declaration of Restrictive <br />Covenants. <br />SECTION 4ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br />A.Rights of Refusal <br />1.Grant and Effect.Orange County is granted a right of first refusal to purchase the <br />Property as described in this Section. Any assignment, sale, transfer, conveyance, or <br />other disposition of the Property or an y part thereof whether voluntarily or <br />involuntarily or by operation of law (“Transfer”) shall not be effective unless and <br />until the below-described procedure is followed. <br />2.Right of First Refusal. If Owner contemplates a Transfer to any entity other than an <br />DocuSign Envelope ID: 12C19140-2C02-498E-AD84-772B4830D31B