2020-043-E Housing - Community Home Trust 200 Culbreth Park development agreement

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18 WHEREAS, CHT has proposed to utilize the aforementioned funding to support the acquisition and resale of the property the located at 200 Culbreth Park Drive in Chapel Hill, NC, hereinafter referred to as the “Property,” and more specifically defined in EXHIBIT A; and WHEREAS, CHT plans to assist in the resale of the Property to a homebuyer earning less than 80% of the HUD area median income as described in their Request for HOME funds for 200 Culbreth Park Drive, Chapel Hill, NC 27517, dated December 10, 2019, which request is incorporated by reference into this Agreement, and hereinafter referred to as the Project. Their December 10, 2019 request is on file in the office of the Orange County Department of Housing and Community Development; and WHEREAS, notwithstanding any provision of this Agreement, the County and the Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is conditioned on Orange County’s determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. WHEREAS, as particularly described herein, the Property will be held by CHT, ensuring affordability of the project dwelling unit for at least 99 years; and WHEREAS, CHT has signed this Declaration agreeing to the terms of this Declaration, its obligations pursuant to this Declaration and agreeing to the terms of the Development Agreement between the County and CHT of even date; and NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: SECTION 1 REPRESENTATIONS, COVENANTS AND WARRANTIES OF OWNER CHT hereby represents, covenants and warrants as follows: a. Subject to the requirements of the DEVELOPMENT AGREEMENT between CHT and County dated _______, which is hereby incorporated by reference and made a part of this Agreement, and this Declaration, CHT may sell, transfer, or exchange the Property to a non- profit fund, foundation, or corporation of like purpose which is organized and operated exclusively for charitable and educational purposes and which has established its tax exempt status under Section 501(c)(3) of the Internal Revenue Code, or to the County, but Owner shall notify in writing and obtain the agreement of any buyer or successor or other person acquiring the Property or any interest therein, that such acquisition is subject to the requirements of this Declaration and to the requirements of the DEVELOPMENT AGREEMENT and the Federal HOME Investment Partnership Program. CHT agrees that County may void any sale, transfer, or exchange of the Property or any portion of the Property if the buyer or successor or other DocuSign Envelope ID: BDBF6EEB-BEEA-472C-85F1-0820A6F699C3