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<br />Notice section of this Declaration, not less than 90 days prior to the contemplated <br />closing date of the Transfer, a “Notice of Intent to Sell.” This Notice of Intent to Sell <br />shall be accompanied by a copy of a completed, fully executed bona fide offer to <br />purchase the Property on the then current North Carolina Bar Association “Offer to <br />Purchase and Contract” form. If Orange County elects to exercise its said right of <br />refusal, it shall notify the Owner of its election to purchase within 30 days of its receipt <br />of the Notice and shall purchase the Property or portion thereof within 90 days of the <br />receipt of the “Notice of Intent to Sell.” The right of first refusal granted to the County <br />pursuant to this Section 4 shall be in force commencing immediately. <br /> <br />3. Sales After Failure to Exercise Rights of Refusal. If Orange County does not advise the <br />Owner in a timely fashion of its intent to purchase the Property, then the Owner shall <br />be free to transfer the property in accordance with this Section of the Declaration. <br />4. Assignability. Orange County may assign its right of first refusal without Owner’s <br />consent. <br /> <br />B. Resale Provisions <br /> <br />1. If the Owner no longer uses the Property as affordable housing, then Owner must sell, <br />transfer, or otherwise dispose of its interest in the Property only to an agency with <br />similar interest in affordable housing and to serve families with incomes not exceeding <br />80% of the area median household income by family size, as determined by the U.S. <br />Department of Housing and Urban Development at the time of the transfer. The non- <br />profit fund, foundation, or corporation of like purposes must have established its tax- <br />exempt status under Section 501 (c)(3) of the Internal Revenue Code. <br /> <br />2. However, if the property is not sold, transferred, or otherwise disposed of to an agency <br />with similar interest in affordable housing during the term of affordability, the net sales <br />proceeds (sales price less: (1) selling cost, and (2) the unpaid principal amount of the <br />initial Orange County contribution and any other initial government contribution <br />secured by a deferred payment promissory note and deed of trust) or “equity” will be <br />divided 50/50 by the seller of the Property and Orange County. If the initial County <br />contribution does not have to be repaid because the sale occurs more than forty years <br />after the County contribution is made, then the seller of the Property and the County will <br />divide the entire equity realized from the sale. <br /> <br />3. In the event that Net Sales Proceeds are insufficient to repay the County Bond Funds, <br />including principal plus interest, the amount to be recaptured shall be any funds <br />remaining after payment of all liens senior to the County’s lien and closing costs. In no <br />event shall the borrower be required to use funds other than net proceeds to repay the <br />Bond Funds. <br /> <br />4. The resale provisions shall remain in effect for the full affordability period – 99 years. <br />DocuSign Envelope ID: 32CE5800-8AE6-4AEC-B93D-DCC116731946