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3 <br /> <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 keep the single family home (“Project Dwelling Unit”) for families <br />with incomes up to 60% of Area Median Income as determined by the U.S. Department <br />of Housing and Urban Development and amended from time to time. <br /> <br />2. The Project Dwelling Unit must remain affordable during the “Period of Affordability”, <br />which is ninety-nine years. The Period of Affordability starts from the date of <br />recording of the Declaration and continues for a period of ninety-nine years thereafter. <br />The Owner shall retain full responsibility for compliance with the affordability <br />requirement for each of the Project Dwelling Units during the Period of affordability <br />as provided in the Declaration, recorded at Book ______, Page _____, Orange County, <br />North Carolina Registry. (The form of which is attached as Exhibit C and hereby <br />incorporated into this Agreement. The Declaration shall constitute and remain a lien on <br />the Property during the Period of Affordability.) <br /> <br />3. If the affordability restrictions are terminated due to the sale of the Property to a non- <br />qualified buyer the Resale Provisions of this Section of this Agreement shall apply. <br /> <br />4. Owner agrees to the Affordability Requirements as provided herein and the Resale <br />Provisions provided in the Exhibit C, Declaration of Restrictive Covenants, Section <br />4.b. <br /> <br />5. It is further the responsibility of the Owner to rerecord the Declaration of Restrictive <br />Covenants periodically and no less often than one day less than every 30 years from <br />the date hereof for the purpose of renewing the rights of first refusal in the Property or <br />portion thereof including any leasehold interest in the Property or portion thereof. <br />Orange County retains the right to, periodically and every 30 years after the first <br />recording of the Declaration of Restrictive Covenants on the Property to register, with <br />the Register of Deeds of Orange County, a notice of preservation of the Restrictive <br />Covenants on the Property as provided in North Carolina General Statute § 47B-4 or <br />any comparable preservation law in effect at the time of the recording of the notice of <br />preservation. It is the intent of this Agreement that the 99-year duration of this <br />Declaration of Restrictive Covenants be accomplished and that any future owner of the <br />Property, Owner, and Orange County will do what is necessary to ensure that the same <br />is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to <br />extinguish, by the passage of time, preemptive rights in the Property and by the Real <br />Property Marketable Title Act or any comparable law purporting to extinguish, by the <br />DocuSign Envelope ID: FDEBA80C-B05F-4BF1-B91C-624A1EA2F697