Orange County NC Website
Browse       Search
DocuSign Envelope ID: F396A7D5-62F3-4B5B-A968-F49AA5397EFF <br /> time not to exceed six (6) months. Any further extensions will require the approval of the <br /> Orange County Board of County Commissioners. <br /> V. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for the Period of Affordability as provided in Section VI, <br /> Affordability Requirements. <br /> VI. AFFORDABILITY REQUIREMENTS <br /> A. Period of Affordability <br /> 1. Owner agrees to lease the Project dwelling unit to a family whose income is less than <br /> 80% of the area median income throughout the Period of Affordability, which is <br /> ninety-nine (99) years. Area Median Income by family size is determined by the U.S. <br /> Department of Housing and Urban Development and amended from time to time. <br /> Residential leases will not exceed one year in term. <br /> 2. The Project dwelling unit must remain affordable during the Period of Affordability. <br /> Owner retains full responsibility for compliance with the affordability requirement for <br /> the Project dwelling unit. Owner shall assure compliance with affordability of the <br /> Project dwelling unit on the Property by having recorded a Declaration of Restrictive <br /> Covenants ("Declaration") on the Property, the form of which is attached as Exhibit <br /> D and hereby incorporated into this Agreement. This Declaration shall constitute and <br /> remain a lien on the Property during the Period of Affordability. <br /> 3. Owner agrees to the Affordability Requirements as provided herein and the Resale <br /> Provisions provided in the attached Exhibit D, Declaration of Restrictive Covenants, <br /> Section 4B. <br /> 4. It is further the responsibility of Owner to rerecord the Declaration periodically and <br /> no less often than one day less than every 30 years from the date hereof for the <br /> purpose of renewing the rights of first refusal in the Property or portion thereof <br /> including any leasehold interest in the Property or portion thereof. Orange County <br /> retains the right to, periodically and every 30 years after the first recording of the <br /> Declaration on the Property to register, with the Register of Deeds of Orange County, <br /> a notice of preservation of the Restrictive Covenants on the Property as provided in <br /> 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 <br /> Agreement that the Project remain affordable throughout the entire duration of this <br /> Declaration and that any future Owner of the Property, Owner, and Orange County <br /> will do what is necessary to ensure that the same is not extinguished by N.C. Gen. <br /> Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of time, <br /> preemptive rights in the Property and by the Real Property Marketable Title Act or <br /> any comparable law purporting to extinguish, by the passage of time, non possessory <br /> interests in real property. Any Owner, future Owner and Orange County agree to do <br />