Orange County NC Website
Browse       Search
DocuSign Envelope ID:6DC1ED22-B276-4193-B1F9-548B6AFFC7C5 <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br /> A. Rights of Refusal <br /> 1. Grant and Effect. Orange County is granted a right of first refusal to purchase the <br /> Property as described in this Section. Any assignment, sale, transfer, conveyance, or <br /> other disposition of the Property or any part thereof whether voluntarily or <br /> involuntarily or by operation of law ("Transfer") shall not be effective unless and <br /> until the below-described procedure is followed. <br /> 2. Right of First Refusal. If Owner contemplates a Transfer during the term of this <br /> Declaration to other than an agency with similar interest in affordable housing serving <br /> families with incomes not exceeding 80% of the area median household income by <br /> family size, as determined by the U.S. Department of Housing and Urban <br /> Development at the time of the transfer, the non-profit fund, foundation, or <br /> corporation of like purposes must have established its tax-exempt status under <br /> Section 501(c)(3) of the Internal Revenue Code, Owner shall send to Orange County, <br /> at the address noted in the Notice section of this Declaration, not less than 90 days <br /> prior to the contemplated closing date of the Transfer, a "Notice of Intent to Sell." <br /> This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br /> executed bona fide offer to purchase the Property on the then current North Carolina <br /> Bar Association "Offer to Purchase and Contract" form. If Orange County elects to <br /> exercise its said right of refusal, it shall notify the Owner of its election to purchase <br /> within 30 days of its receipt of the Notice and shall purchase the Property or portion <br /> thereof within 90 days of the receipt of the "Notice of Intent to Sell." The right of <br /> first refusal granted to the County pursuant to this Section 4 shall be in force <br /> commencing immediately. <br /> 3. Sales After Failure to Exercise Rights of Refusal.—If Orange County does not advise <br /> the Owner in a timely fashion of its intent to purchase the Property, then the Owner <br /> shall be free to transfer the property in accordance with this Section of the <br /> Declaration. <br /> 4. Assignability. Orange County may assign its right of first refusal without Owner's <br /> consent. <br /> B. Resale Provisions <br /> 1. If the Owner no longer uses the Property as affordable rental property, then Owner <br /> must sell, transfer, or otherwise dispose of its interest in the Property only to an <br /> 20 <br />