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11 <br /> <br /> <br />Exhibit B <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Prepared by and return to: Anne Marie Tosco, Orange County Attorney’s Office <br /> P.O. Box 8181; Hillsborough, NC 27278 <br /> <br />DECLARATION OF RESTRICTIVE COVENANTS <br /> <br />THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br />________________, by Community Home Trust, Inc. of Orange County, NC, Inc. for itself and <br />its successors and assigns (“Owner”), is given as a condition precedent to the award of Orange <br />County HOME Investment Partnership Program funds. <br /> <br />RECITALS: <br /> <br /> WHEREAS, on June 19, 2018, the Orange County Board of County Commissioners <br />approved an award of funds from the County’s Capital Investment Plan Land Banking Fund in an <br />amount not to exceed $46,529.40 to, to be awarded on a per project basis as a grant to CHT for the <br />purpose of acquiring units and providing homebuyer assistance; and <br /> <br />WHEREAS, CHT has proposed to utilize $18,000 of the aforementioned funding to <br />support the resale of the property the organization owns located at 234 Lexes Trl in Chapel Hill, <br />NC, hereinafter referred to as the “Property,” and more specifically defined in ATTACHMENT <br />A; and <br /> <br /> WHEREAS, CHT plans to assist in the sale of the Property to a homebuyer earning less <br />than 80% of the HUD area median income as defined in their Request for Orange County Local <br />Funds for 234 Lexes Trl, Chapel Hill, NC 27516, dated October 30, 2018, which request is <br />incorporated by reference into this Agreement, and hereinafter referred to as the Project. Their <br />October 30, 2018 request is on file in the office of the Orange County Department of Housing <br />and Community Development; and <br /> <br />WHEREAS, as particularly described herein, the Property will be held by CHT, <br />ensuring affordability of the project dwelling unit for at least 99 years; and <br /> <br /> WHEREAS, CHT 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 <br />Agreement between the County and CHT of even date; and <br />DocuSign Envelope ID: 1C608BEC-B713-4BE4-9E53-CD92D598627F