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DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <br /> Investment Partnership Program affordability restrictions or Orange County Long-Term <br /> Affordability Policy restrictions are terminated due to the sale of the Property to a non-qualified <br /> buyer as provided herein and Orange County agrees to the termination of the Declaration. <br /> SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br /> THE LAND <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, encumbering <br /> the Property for the term of this declaration, binding upon Owner's successors in title and <br /> all subsequent Owners of the Property; (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 Property) 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 Property. For the <br /> term of this Declaration, each and every contract, deed or other instrument hereafter <br /> executed conveying the Property 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 Property or portion thereof provides that such <br /> 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 Property or portion thereof including any leasehold interest in the <br /> Property 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 Property <br /> to register, with the Register of Deeds of Orange County, a notice of preservation of the <br /> Restrictive Covenants on the Property as provided in North Carolina General Statute § <br /> 47134 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 Property,Habitat, 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 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, Habitat 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 /> 19 <br />