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20 <br />Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the <br />recording of the notice of preservation. It is the intent of this Section 3 of this Declaration that the <br />99 year duration of this Declaration of Restrictive Covenants be accomplished and that any future <br />owner of the Property, CHT 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 extinguish, by <br />the passage of time, preemptive rights in the Property and by the Real Property Marketable Title <br />Act or any comparable law purporting to extinguish, by the passage of time, non possessory <br />interests in real property. Any future owner of the Property, CHT and Orange County will to do <br />what each must do to accomplish the 99 year duration of this Declaration of Restrictive Covenants. <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br />a. At the time of resale of the project dwelling unit, CHT will convey a housing unit to <br />qualified homebuyer. Each housing unit will consist of a 99 year Ground Lease (renewable for <br />an additional 99 years) to the project dwelling unit. The Ground Lease, the form of which is <br />Attachment B hereto, provides for the long term affordability (at least 99 years) of the housing <br />unit and provides remedies to insure the long term affordability of the housing unit. CHT hereby <br />declares and covenants, on behalf of itself and all future owners of the Property, that, during the <br />term of this Declaration, the County is a third party beneficiary of and successor to each and <br />every remedy intended to insure the long term affordability of the housing unit that is provided <br />for in the Ground Lease and may, in the event of the failure or default of the Lessor in the <br />Ground Lease to insure the long term affordability of the housing unit as provided for in the <br />Ground Lease, exercise all rights and remedies available to the Lessor in the Ground Lease for <br />that purpose. <br />b. CHT covenants that it will not knowingly take or permit any action that would result in a <br />violation of the affordability requirements of the DEVELOPMENT AGREEMENT. Orange <br />County, together with any future owner of the Property may execute and record any amendment <br />or modification of this Declaration necessary to insure the successful completion of the Project <br />and the long term affordability (at least 99 years) of the housing units on the Property and such <br />amendment or modification shall, to the extent permitted by law, either relate back to the date of <br />recording of this Declaration or not as necessary to carry out the intent of this Declaration, and <br />be binding on third parties granted rights under this Declaration. CHT expressly covenants and <br />agrees to rerecord this Declaration periodically and no less often than one day less than every 30 <br />years from the date hereof for the purpose of renewing the Lessor’s option to purchase and right <br />of first refusal, that are contained in the Attachment B Ground Lease, in the Property or portion <br />thereof including any leasehold interest in the Property or portion thereof. <br />c. CHT acknowledges that the primary purpose for requiring compliance by CHT with <br />restrictions provided in this Declaration is to assure compliance with the long term affordability <br />requirements of the HOME INVESTMENT PARTNERSHIP PROGRAM, AND BY REASON <br />THEREOF, CHT, IN CONSIDERATION FOR RECEIVING HOME INVESTMENT <br />PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY, HEREBY AGREES AND <br />CONSENTS THAT THE COUNTY SHALL BE ENTITLED, FOR ANY BREACH OF THE <br />PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY <br />DocuSign Envelope ID: BDBF6EEB-BEEA-472C-85F1-0820A6F699C3