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<br />of the Orange County Declaration of Restrictive Covenants in the Orange County Registry. <br /> <br />VI. AFFORDABILITY REQUIREMENTS <br /> <br />A. Owner agrees to lease the Project dwelling units located at Chase Park Apartments to <br />households whose income does not exceed 60% of the HUD area median income by <br />family size, throughout the 99 year Period of Affordability. The Area Median Income <br />by family size is determined by the U.S. Department of Housing and Urban <br />Development and amended from time to time. Residential leases shall not exceed one <br />year in term. <br /> <br />B. Each of the Project dwelling units must remain affordable during the “Period of <br />Affordability”, which is ninety-nine (99) years. Owner retains full responsibility for <br />compliance with the affordability requirements for the Project dwelling units, unless <br />affordability restrictions are terminated due to the sale of the Property to a non-qualified <br />buyer, in which event the Resale Provisions of this Agreement pertain. Owner shall <br />assure compliance with affordability of each of the Project dwelling units by having <br />recorded a "Declaration of Restrictive Covenants," the form of which is attached hereto <br />as Exhibit C (hereinafter, “the Declaration”) on the Property. This Declaration shall <br />constitute and remain a first lien on the Property during the Period of Affordability. <br />The Period of Affordability starts from the date of recording of the Declaration and <br />continues for a period of ninety-nine years thereafter. The Declaration shall constitute <br />and remain a lien on the Property during the Period of Affordability. <br /> <br />C. Owner agrees to the affordability requirements as provided herein and the Resale <br />Provisions provided below and in Exhibit D, Declaration of Restrictive Covenants, <br />Section 4B. <br /> <br />D. It is further the responsibility of Owner to rerecord the Declaration of Restrictive <br />Covenants periodically and no less often than one day less than every 30 years from <br />the date hereof for the purpose of renewing the rights of first refusal in the Property or <br />portion thereof including any leasehold interest in the Property or portion thereof. <br />Orange County retains the right to periodically and every 30 years after the first <br />recording of the Declarations of Restrictive Covenants to register, with the Register of <br />Deeds of Orange County, a notice of preservation of the restrictive covenants on the <br />Property as provided in North Carolina General Statute § 47B-4 or any comparable <br />preservation law in effect at the time of the recording of the notice of preservation . It <br />is the intent of this Section of this Agreement that the 99-year duration of this <br />Declaration of Restrictive Covenants be accomplished and that any future owner of the <br />Property, Owner, and Orange County will do what is necessary to ensure the same is <br />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. Owner and the County agree <br />to do what each must do to accomplish the 99-year duration of the Declarations of <br />Restrictive Covenants. <br />DocuSign Envelope ID: D9F5DB48-6B35-4950-A760-8532DDEBD76E