2021-531-E-Housing-CASA-Affordable Housing Bond – Perry Place Rental Development

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2 Prepared by and return to: Orange County Attorney’s Office: P.O. Box 8181; Hillsborough, NC 27278 PIN Nos.: 9778-93-3103, 9778-93-4008, 9778-93-0153, 9778-93-1183 DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (“Declaration”), dated ________________, by Merritt Mill Apartments, LLC, a North Carolina limited liability company, for itself and its successors and assigns (“Owner”), is given as a condition precedent to the award of funds. RECITALS: WHEREAS, CASA, a North Carolina non-profit corporation (“CASA” or “Sponsor”), submitted applications for funding to Orange County, North Carolina (the “County” or “Orange County”), to assist in the construction of a 48-unit affordable apartment development in Carrboro and Chapel Hill, North Carolina, to be known as Perry Place (the “Project”), which applications are incorporated by reference into this Declaration and are on file in the office of the Orange County Department of Housing and Community Development; and WHEREAS, the County awarded Sponsor the total sum of $1,373,366.00 in FY 2016 Affordable Housing Bon Program funds (referred to also as “Project Funds”) in the form of a loan to Sponsor to assist in the construction of the Project; and WHEREAS, the Sponsor is the managing member of Merritt Mill and Merritt Mill will develop, own and operate the Project; and WHEREAS, the Sponsor wishes to assign the allocation of Project Funds to Merritt Mill so that it can develop, own and operate the Project and has agreed that throughout the term of the Agreement that Sponsor, along with Merritt Mill, will be responsible to the County for Merritt Mill’s performance of the terms of the Agreement; and WHEREAS, because Sponsor has agreed to be, along with Merritt Mill, responsible to the County for Merritt Mill’s performance of the terms of the Agreement the County has agreed to DocuSign Envelope ID: C902EFF9-56ED-450F-9212-1E71966C673A