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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <br /> CHT may, at its option, submit a written request for a delay of completion for County <br /> approval. The County may, at its option, approve any delay in the completion date or <br /> declare CHT in default. <br /> CHT shall monitor the housing units 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 /> 7. DURATION OF THE AGREEMENT AND AFFORDABILITY REQUIREMENT. <br /> This Agreement will remain in effect for the Period of Affordability. Upon termination <br /> or expiration of this Agreement, CHT shall transfer to the County any HOME funds on <br /> hand at the time of expiration and accounts receivable attributable to the use of HOME <br /> funds. <br /> Housing assisted with HOME funds must meet the affordability requirements of 24 CFR <br /> 92.254. Under this Agreement, each housing unit must remain affordable for a period of <br /> ninety-nine years. CHT retains full responsibility for compliance with the affordability <br /> requirement for assisted housing units. CHT shall assure compliance with affordability <br /> of assisted housing units by having recorded, no later than the time it leases the first of <br /> the housing units, a "Declaration of Restrictive Covenants" on the Property, the form of <br /> which is attached as Exhibit C to this Agreement. To further assure compliance with the <br /> affordability requirements the Ground Lease shall be made an attachment to the <br /> Declaration of Restrictive Covenants and recorded therewith. All other security <br /> 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 /> property. CHT and the County agree to do what each must do to accomplish the 99 year <br /> affordability requirement. <br /> 8. RESALE PROVISIONS. CHT shall assure compliance with long term affordability of <br /> assisted housing units as provided for in the Ground Lease, which Ground Lease shall, <br /> as to resale provisions, remain in substantially the form of the current version of the <br /> 4 <br />