Orange County NC Website
Browse       Search
4 <br />DEVELOPMENT AGREEMENT. Owner agrees that Orange County may void any <br />sale, transfer, or exchange of the Property or any portion of the Property if the buyer or <br />successor or other person fails to assume in writing the requirements of this Declaration <br />and the requirements of the DEVELOPMENT AGREEMENT. <br /> <br />2. Any assignment, sale, transfer, conveyance or other disposition of the Property or any <br />part of the Property other than as described in subparagraph 1 above, whether voluntary <br />or involuntary or by operation of law shall be subject to the provisions of SECTION 4 <br />of this Declaration. <br />C. Owner will, at the time of execution, delivery and recording of this Declaration, have good <br />and marketable title to the Property, free and clear of any lien or encumbrance (except <br />encumbrances created pursuant to this Declaration or other permitted encumbrances). <br />D. Owner warrants that it has not and will not execute any other declaration with provisions <br />contradictory to, or in opposition to, the provisions hereo f, and that in any event, the <br />requirements of this Declaration are paramount and controlling as to the rights and <br />obligations herein set forth and supersede any other requirements in conflict herewith. <br /> <br />SECTION 2 TERM OF DECLARATION <br />This Declaration and the Terms of Affordability, specified herein, apply to the Property <br />immediately upon recordation and Owner shall comply with all restrictive covenants herein. This <br />declaration shall terminate ninety-nine (99) years after Project Completion, unless Orange County <br />Long Term Housing Affordability Policy affordability restrictions are terminated due to the sale of <br />the Property to a non-qualified buyer as provided herein and Orange County agrees to the <br />termination of the Declaration. <br /> <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND <br /> <br />A. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of Orange <br />County. <br />B. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br />Project during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br />transfer of the Property (1) shall be and are covenants running with the land, encumbering <br />the Property for the term of this Declaration, binding upon Owner's successors in title and <br />all subsequent Owners of the Property; (2) are not merely personal covenants of Owner; <br />and (3) shall bind Owner (and the benefits shall inure to Orange County and any past, <br />present or prospective owner of the Property) and its respective successors and assigns <br />during the term of this Declaration. Owner hereby agrees that any and all requirements or <br />privileges of estate are intended to be satisfied, or in the alternate, that an equitable servitude <br />has been created to insure that these restrictions run with the Property. For the term of this <br />Declaration, each and every contract, deed or other instrument hereafter executed conveying <br />DocuSign Envelope ID: C902EFF9-56ED-450F-9212-1E71966C673A