Orange County NC Website
Browse       Search
DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <br /> 3.At the time of closing of the sale of each of the dwelling units to a homebuyer, <br /> the homebuyer shall receive HOME funds as second mortgage assistance <br /> which shall be documented by a Promissory Note from the homebuyer to the <br /> County, which shall be secured by a Deed of Trust on the Properties naming <br /> the County as beneficiary. The County agrees to subordinate its Deed of Trust <br /> lien to a lien securing private permanent financing acquired by the <br /> homebuyer. <br /> B. Said funds shall be disbursed by the County to the HOME Awardee for performance <br /> of the services described in Exhibit A. <br /> III. LIEN POSITION <br /> Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program <br /> Development Agreement, (ii) Promissory Note, (iii)Deed of Trust and Security Agreement <br /> and(iv)Declaration of Restrictive Covenants, and(v)Homeowner Written Agreement <br /> (collectively referred to as "Orange County Loan Documents"), shall not expressly be <br /> subordinated to any other documents except those documents described in §§ II.A.2. and <br /> II.A.3 above. <br /> IV. TIMELINESS <br /> The HOME Awardee shall complete the Project by December 31, 2022 and sell all homes by <br /> June 30, 2023. However, in the event of any alterations or additions or of circumstances <br /> beyond the control of the HOME Awardee, which in the opinion of the Director of the <br /> County's Department of Housing and Community Development will require additional time <br /> for completion of the Project, then in that case, the time of completion shall be extended by <br /> the County Manager in writing for a period of time not to exceed six (6)months. Any further <br /> extensions will require the approval of the Orange County Board of County Commissioners. <br /> A ratified sales contract for the Property or Properties must be executed with an eligible <br /> homebuyer(s) within nine (9)months of the date of completion of construction or <br /> rehabilitation. <br /> V. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for the HOME Affordability Period as provided in <br /> Section VI, Affordability Requirements. <br /> VI. AFFORDABILITY REQUIREMENTS <br /> A. The HOME Awardee agrees to build and sell the Project dwelling units to at least <br /> three (3) low-income families earning between 30% and 60% of the area median <br /> income as determined during the initial eligibility period. Families may not earn more <br /> than 60% of the area median income at the time of sale of the property. Area Median <br /> 3 <br />