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,. <br />NORTH CAROLINA <br />ORANGE WUNTY <br />This is ev AOREEMEIJT between ORANGE COUNTY, a genecel local govemmenml <br />mit o(tbe Score o[ Novh Caroline, (bereimfler refired ro es the "County') and Thc Town o[ <br />Chapel Hill, s general local govemmanml unit el'Ihe Stele oLA Notlh Grolina hemivaftcr <br />rnfemcil to as `"Ilia Town"). Tha cffnetive date of Ms agreement is <br />xool. <br />WITNESSTA <br />WHC.R@A$ the Orange County HOME Consotlivm has desigreted $100,000 in FY <br />2000 H0~ fiends &r ilia parpesc of conveying lhuo fwds Iv assist with acgitisitiov of eve <br />dweling gait in Lapel Hill to develop ¢ proposed tmvsifiowl bousivg plan; amt <br />NHEREAg, the County i. Ore level entry of the Omvge Cgvnry HOME Cquegninm, eo <br />desfgneled in au egmement dated Iuly 1, 1991 and sa such fs the lead entity in a reprasenmtiva <br />capacity for all members of the Orevge HOME Consortium foe the puryosw of cazryiug out [he <br />ROME Pmgrznm in auxordmce wi[ the Title fI of the CrensmrvGanzelez National AYio[dable <br />Housing Acl (POb. L. lOlfi2ij, (42 O.S.C 353Qd) q. seq.) (herrinafler mfened w ns lM1e <br />"Act"J, and es &tther defined N the Pederal Program Requirements provided by the G5. <br />Dcpemvcnt of Hcusivg ®d Utban Dcvclcpmmy and <br />WHEREAS, Tho Towu intends m lease there units m cunem public housing famtice <br />w[[h a rev[ pdyivg ability af's[ Imvt.80i0 per month inahldcd (utmc ]caahlg to 30°/.. and helow of <br />median income vs described w their HONE. Appliwlion dated Pebruary 2}, 2001 wlOch is <br />ExhibllB ro this Agecment, amt hemiauper refred to as'Yhe Prajecf'. <br />NOW, THEREFORE, in nsideration of the mutual covenants, promises, and <br />repmaevmtiws contained bereiq it is agrood bemeen ilia parties huero es tbllows <br />Yr'ojat Aatlvltles - <br />1,1 The Town shall vcquire the dwelling uvula deGmd w YrojwS obtain all penld6 and <br />licensee neceaeery ro rchabiliWla the units in the Projec[ if verASSary, and en <br />wmpliwcv with all applicable building and zoning ordutances u well as Soution rA <br />Housing Quality $mnderds (HQS} <br />L2 Pimvdal asslsta~ue in the amowrt u[ 550,000 fr each dwelling unit fir s mml of <br />$IOQOOU in Petleral HOME Progwn funding will be provided N Ne form of a Oeferretl <br />Ieao with a forty (4U) yw Iuen term. Porgivable et the end of 40 ycara 'fhe HOMtl <br />Pmgmm invesvnent will he senumd by a Dced of Twat and Promissory No[e. TM1IS Deed <br />