Orange County NC Website
Browse       Search
3 <br />as it may be modified by the Parties. CHT hereby declares and covenants, on behalf of itself <br />and all future owners of the Property, that, during the term of the Declaration of Restrictive <br />Covenants, the County is a third party beneficiary of and successor to each and every remedy <br />intended to insure the long term affordability of the housing unit that is provided for in the <br />Ground Lease and may, in the event of the failure or default of the Lessor in the Ground Lease <br />to insure the long term affordability of the housing unit as provided for in the Ground Lease, <br />exercise all rights and remedies available to the Lessor in the Ground Lease for that purpose. <br />6.The housing unit must have a value that does not exceed 95% of the area median purchase <br />price for that type of housing. <br />Value must be established by one of the following methods: <br />i. An appraisal by a qualified appraiser. <br />ii. Tax assessments may be used to establish value, but only if they are current and <br />can be computed at 100% of market value. <br />7.USE OF HOME FUNDS/SUBSIDY TYPE <br />A. CHT shall perform the projects or tasks related to its allocation of HOME funds as <br />provided in Exhibit B, Scope of Services; Exhibit C, Project Budget; the Declaration of <br />Restrictive Covenants the form of which is attached as Exhibit D; and the Ground Lease, <br />the form of which is attached as Exhibit E. All Exhibits, attachments and addendums <br />annexed hereto or referred to herein are hereby incorporated into and made a part of this <br />Agreement as if set forth herein, as it now reads or as it may be modified by the Parties. <br />B. CHT may not request disbursement of funds under this Agreement until the funds are <br />needed for payment of eligible costs. The amount of each request must be limited to the <br />amount needed for eligible costs as determined by Orange County staff and may not <br />exceed the amount needed. <br />C. Said funds shall be disbursed by check payable to CHT. <br />D. HOME funds provided will be as a fixed subsidy in the form of a deferred loan. <br />8. AMOUNT OF HOME FUNDS/GRANT TERMS <br />The County shall make available to the Owner up to Fifteen Thousand Dollars ($15,000) at <br />an interest rate of zero percent (0%) pursuant to this Agreement. The funding provided by <br />the County will be provided as a fixed subsidy in the form of a deferred loan. The investment <br />will be secured by a forty (40) year Deed of Trust and Promissory Note, forgivable at the end <br />of forty (40) years. This Deed of Trust, recorded in the Orange County Registry, and <br />Promissory Note shall constitute a lien on the Property. <br />Said funds shall be disbursed by the County to CHT for performance of the services described <br />in Exhibit B. <br />DocuSign Envelope ID: BDBF6EEB-BEEA-472C-85F1-0820A6F699C3