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<br /> <br />Owner shall complete the Project within six (6) months from the date of this Agreement. <br />However, in the event of any alterations or additions or circumstances beyond the control of the <br />Owner, which in the opinion of the Director of the County’s Department of Housing and <br />Community Development will require additional time for completion of the Project, then in that <br />case, the time of completion shall be extended by the County Manager in writing for a period of <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 /> <br />V. DURATION OF THE AGREEMENT <br /> <br />This Agreement will remain in effect for the Period of Affordability as provided in Section VI, <br />Affordability Requirements. <br /> <br />VI. AFFORDABILITY REQUIREMENTS <br /> <br />A. Period of Affordability <br /> <br />1. Owner agrees to lease the Project dwelling unit to a family whose income is less than <br />60% 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 /> <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 /> <br />3. Owner agrees to the Affordability Requirements as provided herein and the Resale <br />Provisions provided in the Exhibit D, Declaration of Restrictive Covenants, Section <br />4B. <br /> <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 § 47B-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 />DocuSign Envelope ID: 26C611FC-889B-477B-8950-766E41A4752D