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DocuSign Envelope ID:6DC1ED22-B276-4193-B1F9-548B6AFFC7C5 <br /> A. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br /> amendments hereto to be recorded and filed in the Office of the Register of Deeds of <br /> Orange County. <br /> B. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br /> Project during the term of this Declaration, that this Declaration and the covenants and <br /> restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br /> transfer of the Property (1) shall be and are covenants running with the land, as <br /> applicable, encumbering the Property for the term of this declaration, binding upon <br /> Owner's successors in title and all subsequent Owners of the Property; (2) are not merely <br /> personal covenants of Owner; and (3) shall bind Owner (and the benefits shall inure to <br /> Orange County and any past, present or prospective owner of the Property) and its <br /> respective successors and assigns during the term of this Declaration. Owner hereby <br /> agrees that any and all requirements or privileges of estate are intended to be satisfied, or <br /> in the alternate, that an equitable servitude has been created to insure that these <br /> restrictions run with the Property. For the term of this Declaration, each and every <br /> contract, deed or other instrument hereafter executed conveying the Property or portion <br /> thereof shall expressly provide that such conveyance is subject to this Declaration, <br /> provided, however, the covenants contained herein shall survive and be effective <br /> regardless of whether such contracts, deed, or other instrument hereafter executed <br /> conveying the Property or portion thereof provides that such conveyance is subject to this <br /> Declaration. Orange County retains the right to, periodically and every 30 years after the <br /> first recording of the Declaration of Restrictive Covenants on the Property to register, <br /> with 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 § 47134 or any <br /> comparable preservation law in effect at the time of the recording of the notice of <br /> preservation. It is the intent of this Section that the twenty (20) 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 is <br /> 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 /> passage of time, non-possessory interests in real property. Any future owner, Owner and <br /> Orange County agree to do what each must do to accomplish the twenty (20) year <br /> duration of this Declaration of Restrictive Covenants. <br /> 19 <br />