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2 <br />agency with similar interest in affordable housing serving families with incomes not <br />exceeding 80% of the area median household income by family size, as determined <br />by the U.S. Department of Housing and Urban Development at the time of the <br />transfer, the non-profit fund, foundation, or corporation of like purposes must have <br />established its tax-exempt status under Section 501 (c)(3) of the Internal Revenue <br />Code. Owner shall send to Orange County, at the address noted in the Notice section <br />of this Declaration, not less than 90 days prior to the contemplated closing date of the <br />Transfer, a “Notice of Intent to Sell (“Notice”).” This Notice shall be accompanied by <br />a copy of a completed, fully executed bona fide offer to purchase the Property on the <br />then current North Carolina Bar Association “Offer to Purchase and Contract” form. <br />If Orange County elects to exercise its said right of refusal, it shall notify the Owner <br />of its election to purchase within 30 days of its receipt of the Notice and shall <br />purchase the Property or portion thereofwithin 90 days of the receipt of the “Notice <br />of Intent to Sell.” <br />3.Sales After Failure to Exercise Rights of Refusal.If Orange County does not <br />advise Owner in a timely fashion of its intent to purchase the Property, then owner <br />shall be free to transfer the property in accordance with the provisions in this Section. <br />4.Assignability.Orange County may assign its right of first refusal without Owner’s <br />consent. <br />B.Resale Provisions <br />1.If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of their <br />interest in the Property only to a qualified homebuyer, i.e., a low-income household, <br />one whose combined income does not exceed 80% of the area median household <br />income by family size, as determined by the U.S. Department of Housing and Urban <br />Development at the time of the transfer, to use as their principal residence. <br />2.However, if the property is sold during the term of affordability, the Right of First <br />Refusal provisionof the New and Existing First-Time Homebuyer Program portion of <br />the County’s Long-Term Housing Affordability Policy must be followed and the Net <br />Sales Proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of <br />the original first mortgage and (3) the unpaid principal amount of the initial County <br />contribution and any other initial government contribution secured by a deferred <br />payment promissory note and deed of trust) or “equity” will be divided 50/50 <br />between the Seller of the Property and the County. <br />3.In the event that Net Sales Proceeds are insufficient to repay the HOME Funds, <br />including principal plus interest, the amount to be recaptured shall be any funds <br />remaining after payment of all senior non-HOME debt and closing costs. In no event <br />shall the borrower be required to use funds other than net proceeds to repay the <br />HOME Funds. <br />DocuSign Envelope ID: 12C19140-2C02-498E-AD84-772B4830D31B