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DocuSign Envelope ID:002619DF-54F2-4EEA-B4A8-14714544BAC0 <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 Properties(1)shall be and are covenants running with the land,encumbering <br /> the Properties for the term of this declaration,binding upon Owner's successors in title and <br /> all subsequent Owners of the Properties; (2) are not merely personal covenants of Owner; <br /> and (3) shall bind Owner (and the benefits shall inure to Orange County and any past, <br /> present or prospective owner of the Properties) and its respective successors and assigns <br /> during the term of this Declaration. Owner hereby agrees that any and all requirements or <br /> privileges of estate are intended to be satisfied, or in the alternate, that an equitable <br /> servitude has been created to insure that these restrictions run with the Properties. For the <br /> term of this Declaration, each and every contract, deed or other instrument hereafter <br /> executed conveying the Properties or portion thereof shall expressly provide that such <br /> conveyance is subject to this Declaration, provided, however, the covenants contained <br /> herein shall survive and be effective regardless of whether such contracts, deed, or other <br /> instrument hereafter executed conveying the Properties or portion thereof provides that <br /> such conveyance is subject to this Declaration. It is further the responsibility of Owner to <br /> rerecord the Declaration of Restrictive Covenants periodically and no less often than one <br /> day less than every 30 years from the date hereof for the purpose of renewing the rights of <br /> first refusal in the Properties or portion thereof including any leasehold interest in the <br /> Properties or portion thereof. Orange County retains the right to,periodically and every 30 <br /> years after the first recording of the Declaration of Restrictive Covenants on the Properties <br /> to register, with the Register of Deeds of Orange County, a notice of preservation of the <br /> Restrictive Covenants on the Properties as provided in North Carolina General Statute § <br /> 47B-4 or any comparable preservation law in effect at the time of the recording of the <br /> notice of preservation. It is the intent of this Section that the ninety-nine (99) year duration <br /> of this Declaration of Restrictive Covenants be accomplished and that any future owner of <br /> the Properties,Owner,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 <br /> extinguish, by the passage of time, preemptive rights in the Properties 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 ninety-nine (99) year <br /> duration of this Declaration of Restrictive Covenants. <br /> SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENT <br />