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3 <br /> <br />8. TIMELINESS <br /> <br />CHT shall complete the Project by December 31, 2018. CHT will be responsible for <br />providing status reports to the County quarterly detailing the project activities until <br />project completion. In addition, CHT agrees to furnish to the County a copy of its annual <br />audit performed by a certified public accountant within 90 days of the end of each fiscal <br />year until the Project is complete. <br /> <br />The Project completion date is the closing date of the Ground Lease by a qualified buyer <br />of the Property. In the event that CHT is unable to proceed with any aspect of the <br />project in a timely manner, and County and CHT determine that reasonable extension(s) <br />for completion will not remedy the situation, then the Termination of Agreement <br />provisions of this Agreement (Section 11.A.) shall pertain. CHT may, at its option, <br />submit a written request for a delay of completion for County approval. The County <br />may, at its option, approve any delay in the completion date or declare CHT in default. <br /> <br />CHT shall monitor the housing unit for affordability for the period of affordability – <br />ninety-nine (99) years and, if renewed, an additional ninety-nine years. Final contract <br />completion date shall be the end date of the last affordability period. <br /> <br />9. AFFORDABILITY REQUIREMENT. The housing unit must remain affordable for a <br />period of ninety-nine years. CHT retains full responsibility for compliance with the <br />affordability requirement for the housing unit unless affordability restrictions are <br />terminated due to sale of the Property to a non-qualified buyer in which event the Resale <br />Provisions of Section 10 of this Agreement pertain. CHT shall assure compliance with <br />affordability of the housing unit by having recorded, no later than the time it leases the <br />housing unit, a "Declaration of Restrictive Covenants" (Exhibit B) on the Property. To <br />further assure compliance with the affordability requirements the Ground Lease shall be <br />made an attachment to the Declaration of Restrictive Covenants and recorded <br />therewith. All other security documents should be recorded thereafter. <br /> This Declaration shall constitute and remain a first lien on the Property during the period <br />of affordability, unless otherwise provided by law or unless otherwise agreed by County. <br />It is further the responsibility of CHT to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of its lease <br />of each of the housing units in the event the homeowner leasing the housing unit from <br />CHT is still the owner of the housing unit at the time of the rerecording. County retains <br />the right to periodically and every 30 years after the first recording of the Declaration of <br />Restrictive Covenants to register, with the Register of Deeds of Orange County, a notice <br />of preservation of the restrictive covenants on the Property as provided in North <br />Carolina General Statute § 4713-4 or any comparable preservation law in effect at the <br />time of the recording of the notice of preservation. It is the intent of this Section of this <br />Agreement that the 99 year affordability requirement contained herein be accomplished <br />and that CHT and the County will do what is necessary to ensure that the same is not <br />extinguished by the Real Property Marketable Title Act or any comparable law <br />purporting to extinguish, by the passage of time, non possessory interests in real <br />DocuSign Envelope ID: 1C608BEC-B713-4BE4-9E53-CD92D598627F