Orange County NC Website
Browse       Search
<br />V. DURATION OF THE AGREEMENT <br /> <br />This Agreement will remain in effect for the Period of Affordability as provided in Section VI, <br />Affordability Requirements, the term of which is ninety-nine (99) years from proper recording <br />of the Orange County Declaration of Restrictive Covenants in the Orange County Registry. <br /> <br />VI. AFFORDABILITY REQUIREMENTS <br /> <br />A. Habitat agrees to sell the Project dwelling units located at Weaver’s Grove to <br />households whose income is between 30% and 80% of the HUD area median income <br />by family size, throughout the 99 year Period of Affordability. The Area Median <br />Income 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. Habitat 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. Habitat shall <br />assure compliance with affordability of each of the Project dwelling units at Weaver’s <br />Grove by having recorded a "Declaration of Restrictive Covenants," the form of which <br />is attached hereto as Exhibit C (hereinafter, “the Declaration”) on each of the Project <br />dwelling units. This Declaration shall constitute and remain a first lien on the Project <br />dwelling units during the Period of Affordability. The Period of Affordability starts <br />from the date of recording of the Declaration and continues for a period of ninety-nine <br />years thereafter. The Declaration shall constitute and remain a lien on the Project <br />dwelling units during the Period of Affordability. <br /> <br />C. Habitat 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 Habitat 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 Project <br />dwelling units or portion thereof including any leasehold interest in the Project <br />dwelling units or portion thereof. Orange County retains the right to periodically and <br />every 30 years after the first recording of the Declarations of Restrictive Covenants to <br />register, with the Register of Deeds of Orange County, a notice of preservation of the <br />restrictive covenants on the Project dwelling units as provided in North Carolina <br />General Statute § 47B-4 or any comparable preservation law in effect at the time of the <br />recording of the notice of preservation. It is the intent of this Section of this Agreement <br />that the 99-year duration of this Declaration of Restrictive Covenants be accomplished <br />and that any future owner of the Project dwelling units, Habitat, and Orange County <br />will do what is necessary to ensure the same is not extinguished by N.C. Gen. Stat. § <br />DocuSign Envelope ID: 32CE5800-8AE6-4AEC-B93D-DCC116731946