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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <br /> SECTION 2 TERM OF DECLARATION <br /> a. This Declaration (and the terms of affordability specified herein) applies to the Property <br /> immediately upon the recordation of this Declaration. CHT and all subsequent owners of the <br /> Property shall comply with all covenants herein. This Declaration shall terminate ninety-nine <br /> years after the Project completion date as specified in the DEVELOPMENT AGREEMENT. <br /> SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND <br /> a. CHT shall cause this declaration and all amendments hereto to be recorded and filed in <br /> the Office of the Register of Deeds of Orange County upon its execution. CHT shall pay all fees <br /> and charges incurred in connection therewith. <br /> b. CHT intends, declares and covenants, on behalf of itself and all future owners of the <br /> Property during the term of this Declaration, that this Declaration and the covenants and <br /> restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer <br /> of the Property (1) shall be and are covenants running with the land, encumbering the Property <br /> for the term of this Declaration, binding upon all present and future owners of the Property; (2) <br /> are not personal covenants of Declarant; and (3) shall bind all present and future owners (and the <br /> benefits shall inure to the County and any prospective owner of the Property) and its respective <br /> successors and assigns during the term of this Declaration. For the term of this Declaration, each <br /> and every contract, lease, deed or other instrument hereafter executed conveying the Property or <br /> portion thereof shall expressly provide that such conveyance is subject to this Declaration, <br /> provided, however, the covenants contained herein shall survive and be effective regardless of <br /> whether such contract, lease, deed, or other instrument hereafter executed conveying the <br /> Property or portion thereof provides that such conveyance is subject to this Declaration. It is <br /> further the responsibility of CHT to rerecord this Declaration periodically and no less often than <br /> one day less than every 30 years from the date hereof for the purpose of renewing the rights of <br /> first refusal in the Property or portion thereof including any leasehold interest in the Property or <br /> portion thereof. The County retains the right to, periodically and every 30 years after the first <br /> recording of the Ground Lease created in Attachment B hereof, register, with the Register of <br /> Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Property as <br /> provided in North Carolina General Statute § 4713-4 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 3 of this <br /> Declaration that the 99 year duration of this Declaration of Restrictive Covenants be <br /> accomplished and that any future owner of the Property, CHT and Orange County will do what <br /> is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any <br /> comparable law purporting to extinguish, by the passage of time, preemptive rights in the <br /> Property and by the Real Property Marketable Title Act or any comparable law purporting to <br /> extinguish, by the passage of time, non possessory interests in real property. Any future owner of <br /> the Property, CHT and Orange County will to do what each must do to accomplish the 99 year <br /> duration of this Declaration of Restrictive Covenants. <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br /> a. At the time of resale of the project dwelling unit, CHT will convey a housing unit to <br /> 17 <br />