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DocuSign Envelope ID: F396A7D5-62F3-4B5B-A968-F49AA5397EFF <br /> executed bona fide offer to purchase the Property on the then current North Carolina Bar <br /> Association"Offer to Purchase and Contract" form. If Orange County . elects to exercise <br /> its said right of refusal, it shall notify the Owner of its election to purchase within 30 days <br /> of its receipt of the Notice and shall purchase the Property or portion thereof within 90 <br /> days of the receipt of the "Notice of Intent to Sell." <br /> C. Sales After Failure to Exercise Rights of Refusal. If Orange County. does not <br /> advise Owner in a timely fashion of an intent to purchase the Property, then Owner shall <br /> notify Orange County who may assume the position of EmPOWERment, Inc. <br /> d. Assi n�X Orange County may not assign its right of first refusal.. <br /> B. Resale Provisions <br /> a. If the Owner no longer uses the Property as affordable rental property, then <br /> Owner must sell, transfer, or otherwise dispose of its interest in the Property only to an <br /> agency with similar interest in affordable housing and to serve families with incomes not <br /> exceeding 80% of the area median household income by family size, as determined by <br /> the U.S. Department of Housing and Urban Development at the time of the transfer. The <br /> non-profit fund, foundation, or corporation of like purposes must have established its tax- <br /> exempt status under Section 501 (c)(3) of the Internal Revenue Code. <br /> b. However, if the property is not sold, transferred, or otherwise disposed of to an <br /> agency with similar interest in affordable housing during the term of affordability, the net <br /> sales proceeds (sales price less: (1) selling cost, and (2) the unpaid principal amount of <br /> the initial Orange County contribution and any other initial government contribution <br /> secured by a deferred payment promissory note and deed of trust) or "equity" will be <br /> divided 50150 by the seller of the Property and Orange County. <br /> C. The resale provisions shall remain in effect for the full affordability period — 99 <br /> years. <br /> C. Owner covenants that it will not knowingly take or permit any action that would result in <br /> a violation of the affordability requirements of Orange County or of the Orange County HOME <br /> Investment Partnership Program. Orange County, together with Owner, may execute and record <br /> any amendment or modification of this Declaration and such amendment or modification shall be <br /> binding on third parties granted rights under this Declaration. <br />