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15 <br /> <br />EXHIBIT C <br /> <br />Declaration of Restrictive Covenants <br /> <br /> <br /> <br />Prepared by and return to: Annette Moore, Orange County Attorney’s Office, P.O. Box 8181; Hillsborough, <br />NC 27278 <br /> <br />PIN: 9788-04-6303 <br /> <br />DECLARATION OF RESTRICTIVE COVENANTS <br /> <br />THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br />________________, by EmPOWERment, Inc., a North Carolina non-profit corporation, for itself <br />and its successors and assigns (“Owner” or “EmPOWERment”), is given as a condition precedent <br />to the award of Orange County Affordable Housing Land Banking funds. <br /> <br />RECITALS: <br /> <br />WHEREAS, on June 27, 2003, EmPOWERment provided second mortgage down <br />payment assistance to a Shannon J. Brown, a qualified purchaser, to purchase a single family <br />residence using FY 2001 HOME funds for property located at 509 Central Avenue, Hillsborough, <br />North Carolina (PIN #9864-59-7395) (hereinafter referred to as “the Property”), and more <br />particularly described in Exhibit A, Legal Description; and <br /> <br />WHERAS, the Property was secured by a Promissory Note, Deed of Trust and a <br />Declaration of Restrictive Covenants which provided that the Orange County, a local political <br />subdivision of the State of North Carolina (“County”) have a “Right of First Refusal” to purchase <br />the Property should the qualified purchaser desire to sell the property to a non-qualified purchaser; <br />and <br /> <br />WHEREAS, the qualified purchaser desired to sell the property to a non-qualified <br />purchaser; and <br /> <br />WHEREAS, on April 2, 2019 the Orange County Board of Commissioners voted to <br />exercise the County’s “Right of First Refusal” to purchase the Property at a cost of One Hundred <br />Fifty-Eight Thousand Three Hundred Thirty-Three dollars and 33/100 ($158.333.33) using <br />County Affordable Housing Land Banking Funds and then rehabilitate the Property using Thirty- <br />One Thousand Six Hundred Fifty-Five dollars ($ 31,655.00) in County Single Family <br />Rehabilitation funds for a total amount of the County’s investment in the Property of One <br />Hundred Eighty-Nine Thousand Nine Hundred Eighty-Eight dollars and 33/100 <br />($189,988.33) (hereinafter “Project Funds”); and <br /> <br />WHEREAS, the Orange County Board of Commissioners on April 2, 2019 approved the <br />conveyance to Owner of the Property, valued at One Hundred Eighty-Nine Thousand Nine <br />Hundred Eighty-Eight dollars and 33/100 ($189,988.33), for affordable housing subject to the <br />DocuSign Envelope ID: FDEBA80C-B05F-4BF1-B91C-624A1EA2F697 <br />