Agenda - 10-16-2001-8f - Laserfiche WebLink

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tech of Ne five (5) desalting mills, e'TMOtmetion of Reslricdve Cavmmts" (HXEIIBIT H) ov Ne &opecry. This Declamtiev shall conetlm¢ roil reroeiv a flms lirn on Me Property during the period of eBordebiliry. I[ is fuller the responsibility of EmPOWERmmt to remmrd the Declmetien n£ Reshidive Cavewnls no later Nan one day before the expiration oC3o years of Nc date of Its sate of eevL of the five dwalllvg wits w tlac cvmt the homeowner pumhaving the properly Gnm ]3mPOWHRmenv is still the awvtt of Ne dwelling vwt at the time of the recording. Cvuvty rolaws Nc right [o pevodiwlly avd every 311 years afler Ne first rttordivg of Nc Declaration PBeslrictivc Covenants ov the Property m rcgisom with the Register of needs of Omnge Cwmy, a notice of preservation of Ne Restrictive Covenants on 0e Property as provided in North Carolina General Statute $ 4]B-4 or any omparable pmservafiov law m effect m the time of Ne mcording of Ne entice o£ preservation. I[ is Ne inteol of Itis Section of this Agreemml That the 99 Year affordability requirement conminul herein be accomplished end Nat EmPOWERmrnt and the Comty will do what is necessary m ensure that the same ie not cztwguiehed by the Rwl Property Marketable Title Act m any comparable law purponiug b extinguish, by Ne passage of time, nun possessory micreets in real property. BoN EmPOWERmmt avd County agree ro de what each must du m accomplish Ne 99-yam afrdability requvement. 4. Reole ProNSlops. EmPOWBRment shall as mvpliavcc wiN effoNabdity of listed urdls though Nc Ueclmatiov of Restrictive Covmm[s. The Dedaratim of Restrictive Covenants shall include e[ twat the following elemrnte m Ncir meals provisions foe Ne Improvements: d] If Ne buyer vo longer uses Ne Property as aprincipal msidma mis unablem continue ownership, Nrn Ne buyer mnrt sell nmsfen or otherwise Nspoec of Nev interest w Ne Property only to o quati5ed homebpym, i.e., aloes-income household, one whose combwcd mwmc does not emeed 80% of the area medico household income by family size, as delenrdned by Ne U.B. lleparlmmt of Housing and Ufim Derrelopment at the time o£the vavsfer, m use as their principal residence. a 2 Hownve5 i[the pmpttty is eotd during the term ofeRardability m a vm-qualified hamebuyeq the Right of Fvst Refusal provision of Ne New and Existing Pvsb Time Homebuytt Pmgmm portion of the County's Lang-TCnn Ronsiug Affnrdabilily Policy must be t (lowed and Ne net salsa Inaceeds (sales piles less: (1) selling cos; (2) the unpaid principal amont of the origwal fast mortgage roil (3) Ilse unpaid principal amount of Ne initial County contribmian avd any other wtial govewnent covvibuliov secured by a dcf red payment promissory note and deetl of irusQ or "equity" will be divided ~q/5p by Ne seller of Ne Property end Ne COVVty.