2020-234-E Housing - EmPOWERment Inc. Hillmont development agreement

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DocuSign Envelope ID:002619DF-54F2-4EEA-B4A8-14714544BAC0 V. DURATION OF THE AGREEMENT This Agreement will remain in effect for the Period of Affordability as provided in Section VI, Affordability Requirements. VI. AFFORDABILITY REQUIREMENTS A. Period of Affordability 1. Owner agrees to lease the Project dwelling units to families whose income is no more than 80% of the area median income throughout the Period of Affordability, which is ninety-nine (99) years. Area Median Income by family size is determined by the U.S. Department of Housing and Urban Development and amended from time to time. Monthly rents must not exceed the HOME Program Rents in effect at the time of occupancy. Residential leases will not exceed one year in term. 2. The Project dwelling units must remain affordable during the Period of Affordability. Owner retains full responsibility for compliance with the affordability requirement for the Project dwelling units. Owner shall assure compliance with affordability of the Project dwelling units on the Properties by having recorded a Declaration of Restrictive Covenants ("Declaration") on the Properties, the form of which is attached as Exhibit D and hereby incorporated into this Agreement. This Declaration shall constitute and remain a lien on the Properties during the Period of Affordability. 3. Owner agrees to the Affordability Requirements as provided herein and the Resale Provisions provided in the Exhibit D, Declaration of Restrictive Covenants, Section 413. 4. It is further the responsibility of Owner to rerecord the Declaration periodically and no less often than one day less than every 30 years from the date hereof for the purpose of renewing the rights of first refusal in the Properties or portion thereof including any leasehold interest in the Properties or portion thereof. Orange County retains the right to, periodically and every 30 years after the first recording of the Declaration on the Properties to register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Properties as provided in North Carolina General Statute § 4713-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Agreement that the Project remain affordable throughout the entire duration of this Declaration and that any future Owner of the Properties, Owner, and Orange County will do what is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of time, preemptive rights in the Properties and by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property.Any Owner, future Owner and Orange County agree to do what each must do to accomplish the 99-year duration of this Declaration of Restrictive Covenants.