Agenda - 11-19-2001-8e - Laserfiche WebLink

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the lLS Department oP Hausivg aM Urban Developmm[ end as amended 6om time to ume. 3. Time for Commevicemeut and Completion. Iv additioq The'fown agrees t0 fhmish to &e County a copy of its etmnal audit, performed by a certifed public accomtam widliv 90 days of the and of the flswl year of ezpmdimce oP Iha HOMP Frogmen Footling. The Project Completion Date mustnot exceed November 1, 2001 end ie date the property s aegnimA, rchabillmmd iC vwessery, and occupied by a low inwme family. A [he vent that The Town is unable [o proceed with any aspect of the Project w a timely Inarma, and CowTy and The '[own determine that re aveble Extension(s) for cample[ion will no[ remedy the simatloq Ihm the Tetminetion of Agreement provision. of this Agreement (grzdon 6.a.) shall pmain. The Tmvv may, at its BptiOq subvdt a written request frr ¢ delay of eomplolion for County approval 'fhe County rosy, e[ its opdoq approve any delay in MewmplUian d¢te or decWre Tha Town iv default. The Town shell moiGbr dte corrstmcmd wits for affordability far the Petiod of afTOrdability-ninety-nine (99J years. Phal connect mmpletlov date shall be the latest and date of all aesietOd umt affoNability pcciods. 3. Afl'ardabitity Regovemenl. Each unit must remain affordable for a period of rdvety- ve yews. The Towv ruains full rcsporuibility Por mmplimce with the affoMebility requirement [or assistul pvi[s, unless eflmdabiliry eesmicrions are temtineted due vu the sale o£ the Property m anon-qualified buyer in which event the Reeale Provisions of 4eedov 4 0l Wis Agreement pertain. The Town shall assum compliance with effordebiliry of aeeisted mti6 by hevivg mcoNed a'YJedareECn of ResNadve CEVeaavG" (EXHIIllT C) ov the Pmpetly. This Deelam[im shall egmtimte and remain a 1'uvt lieu nn the Property during the period ofaffordability. It is further the responsibiGN of The Town m rmecord the Declaration of Restrictive Cavevmts no Utu Yhev one day hefore the expimficn at 30 years of IhE date of the pmchaaing the property m the cvevt Thal The Town is still the owmer o£the dwelling unite at We dens or the atnwrding. Convry retaiva the right to pe[iodioally and eery 30 years afrer the first recording of Ne Declamtion of Restrictive Covavmss ov the lhoperry m mgiste5 with the Rcgisler o[ Deeds oY Ormge Cotmtg a notice of prescrva[lov of the liesltictiva CwenanG on [he Property as provided N Notth Carolina Ciao ra Smmm § 4'1BA or any comparable preservation law in effect vt d[e time of Nomcording of the mlice of preservation. 1[ Is the intent of [hie Section of Iltis Agaemant that the 99 year affBrdability requhemem eonmined hersin be accomplished and that The Town and the County will do whet is necessary m ensure [hat the smac is not extivgvished by Iha Reul Property Markemble Title Act or any comparable law porpvewg [o extmgulsh, by the passage of timq von possessory interests w real pmpe~Ty. Floth The Tawn and County agree m do what each must do tP accomplish the 99 veer aROrdvbility mquirement.