Orange County NC Website
Browse       Search
DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <br /> B. Following expiration of the HOME Affordability Period and prior to expiration of ninety <br /> (99) years from the date of Project Completion, the following provisions shall apply: <br /> 1. Rights of Refusal <br /> a. 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 involuntarily <br /> or by operation of law ("Transfer") shall not be effective unless and until the below- <br /> described procedure is followed. <br /> b. Right of First Refusal. If Owner contemplates a Transfer to any entity other than an <br /> agency with similar interest in affordable housing serving families with incomes not <br /> exceeding 80% of the area median household income by family size, as determined by <br /> the U.S. Department of Housing and Urban Development, at the time of the transfer, <br /> which non-profit fund, foundation, or corporation of like purposes must have <br /> established its tax-exempt status under Section 501(c)(3)of the Internal Revenue Code, <br /> then the Owner shall send to Orange County, at the address noted in the Notice section <br /> of this Declaration, not less than 90 days prior to the contemplated closing date of the <br /> Transfer, a"Notice of Intent to Sell ("Notice")." This Notice shall be accompanied by <br /> a copy of a completed, fully executed bona fide offer to purchase the Property on the <br /> then current North Carolina Bar Association"Offer to Purchase and Contract"form. If <br /> Orange County elects to exercise its said right of refusal, it shall notify the Owner of <br /> its election to purchase within 30 days of its receipt of the Notice and shall purchase <br /> the Property or portion thereof within 90 days of the receipt of the "Notice of Intent to <br /> Sell." <br /> i. Sales After Failure to Exercise Rights of Refusal. If Orange County does not <br /> advise Owner in a timely fashion of its intent to purchase the Property, then owner <br /> shall be free to transfer the property in accordance with the provisions in this <br /> Section. <br /> ii. Assignability. Orange County may assign its right of first refusal without Owner's <br /> consent. <br /> 3. Resale and Recapture Provisions <br /> a. If the buyer no longer uses the Property as a principal residence or is unable to continue <br /> ownership, then the buyer must sell, transfer, or otherwise dispose of their interest in <br /> the Property only to a qualified homebuyer, i.e., a low-income household, one whose <br /> combined income does not exceed 80%of the area median household income by family <br /> size, as determined by the U.S. Department of Housing and Urban Development at the <br /> time of the transfer, to use as their principal residence. <br /> b. However, if the property is sold during the term of affordability, the Right of First <br /> Refusal provision of the New and Existing First-Time Homebuyer Program portion of <br /> 21 <br />