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<br />
<br />NORTH CAROLINA
<br />
<br />ORANGE COUNTY
<br />
<br />GRANT AGREEMENT
<br />
<br /> This is an AGREEMENT between ORANGE COUNTY, NORTH CAROLINA, a
<br />general local governmental unit of the State of North Carolina, (hereinafter referred to as the
<br />“County”) and COMMUNITY HOME TRUST INC., a North Carolina non-profit corporation
<br />(hereinafter referred to as “CHT”). The effective date of this agreement is October 18, 2019.
<br />
<br />WITNESSETH
<br />
<br /> WHEREAS, on May 4, 2011, the County, through its HOME Consortium, approved an
<br />award of federal HOME funds in the form of a loan not to exceed $300,000 at an interest rate of two
<br />percent (2%), to the Landings at Winmore to assist in the construction of a fifty-eight (58) unit
<br />affordable housing development known as “The Landings at Winmore” in Carrboro, North Carolina;
<br />and
<br />
<br /> WHEREAS, the County, to assure the long term affordability of The Landings at Winmore,
<br />caused The Landings at Winmore to be encumbered by various means, including a Development
<br />Agreement dated April 13, 2011, and a Deed of Trust and Promissory Note and a Declaration of
<br />Restrictive Covenants, all dated May 4, 2011; and
<br />
<br />WHEREAS, on December 29, 2017, the County consented to the transfer of The
<br />Landings at Winmore to CHT, subject to CHT assuming the requirements of the Development
<br />Agreement, Promissory Note, Deed of Trust recorded in Book 5154 at Page 234, and Declaration
<br />of Restrictive Covenants recorded in Book 5154 at Page 175, Orange County Registry; and
<br />
<br /> WHEREAS, CHT submitted a request dated February 15, 2019 for funding to assist the
<br />Landings at Winmore as it relates to its operational and capital reserves; and
<br />
<br /> WHEREAS, on March 19, 2019, the Board of County Commissioners approved the
<br />February 15, 2019 request and allocated eighty thousand dollars ($80,000) of County funds to
<br />CHT to ensure adequate operating and capital reserves at the Landings at Winmore, subject to
<br />reporting requirements for periodic review of performance and ongoing improvement of
<br />identified challenges at the Landings at Winmore; and
<br />
<br /> WHEREAS, the Landings at Winmore will continue to be subject to the long term
<br />affordability requirements of the Development Agreement, Deed of Trust and Promissory Note,
<br />and Declaration of Restrictive Covenants assigned to and assumed by CHT in Deed Book 6408,
<br />Page 572, Orange County Registry, as well at the terms of this Agreement;
<br />
<br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations
<br />contained herein, it is agreed between the parties hereto as follows:
<br />
<br />DocuSign Envelope ID: F9614B21-556E-42D5-A5C1-2B3EF7E3AB01
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