Orange County NC Website
Browse       Search
2 <br /> <br />WHEREAS, such transfer of Property will be in exchange of a secured lien on the Owner’s <br />Property in the amount of Project Funds as described herein. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br /> <br />I. USE OF PROJECT FUNDS <br /> <br />A. The County has used Project Funds to purchase and rehabilitate the Property described in <br />Exhibit A. After the Project was acquired and rehabilitated the County shall then transfer <br />the Property to EmPOWERment as outlined in the Terms of this Agreement and within the <br />parameters of the Scope of Services, Exhibit B contained herein. <br /> <br />B. EmPOWERment acknowledges that the value of the transfer of Property is One Hundred <br />Eighty-Nine Thousand Nine Hundred Eighty-Eight dollars and 33/100 ($189,988.33), and <br />that the value of the Property will be provided to them as a fixed subsidy provided in the <br />form of a deferred loan. <br /> <br />C. The County and EmPOWERment acknowledge that the County has expended the Project <br />Funds to acquire and rehabilitate to Property, that no transfer of Project Funds to Owner <br />shall take place, and that the Property shall be conveyed as described in Section II of this <br />Agreement. <br /> <br />II. CONVEYANCE <br /> <br />Conveyance of Property. The County shall convey the Property identified in Exhibit A to <br />Owner, on which is a single family residence to Owner pursuant to this Agreement. <br /> <br />III. LIEN POSITION <br /> <br />Orange County hereby acknowledges that the terms and conditions of its (i) Development <br />Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement and (iv) Declaration <br />of Restrictive Covenants (collectively referred to as “Orange County Loan Documents”), for <br />Empowerment, Inc. shall not be subordinate to any other documents. The Declaration of <br />Restrictive Covenants (“Declaration”), Exhibit C, described in Paragraph VI of this Agreement <br />should be recorded prior to the Deed of Trust. <br /> <br />IV. TIMELINESS <br /> <br />The Owner shall lease the Property within six (6) months from the date of this Agreement. <br />However, in the event of any alterations or additions or of circumstances beyond the control of the <br />Owner, which in the opinion of the Director of the County’s Department of Housing, Human <br />Rights and Community Development will require additional time to lease the Property, then in that <br />case, the time for leasing the Property shall be extended by the County Manager in writing for a <br />period of time not to exceed six (6) months. Any further extensions will require the approval of <br />the Orange County Board of County Commissioners. <br />DocuSign Envelope ID: FDEBA80C-B05F-4BF1-B91C-624A1EA2F697