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5 <br />the Property or portion thereof shall expressly provide that such conveyance is subject to <br />this Declaration, provided, however, the covenants contained herein shall survive and be <br />effective regardless of whether such contracts, deed, or other instrument hereafter executed <br />conveying the Property or portion thereof provides that such conveyance is subject to this <br />Declaration. It is further the responsibility of Owner to rerecord the Declaration of <br />Restrictive Covenants periodically and no less often than one day less than every 30 years <br />from the date hereof for the purpose of renewing the rights of first refusal in the Property <br />or portion thereof including any leasehold interest in the Property or portion thereof. Orange <br />County retains the right to, periodically and every 30 years after the first recording of th is <br />Declaration on the Property to register, with the Register of Deeds of Orange County, a <br />notice of preservation of the Restrictive Covenants on the Property as provided in North <br />Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time <br />of the recording of the notice of preservation. It is the intent of this Section that the ninety- <br />nine (99) year duration of this Declaration be accomplished and that any future owner of <br />the Property, Owner, and Orange County will do what is necessary to ensure that the same <br />is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to <br />extinguish, by the passage of time, preemptive rights in the Property and by the Real <br />Property Marketable Title Act or any comparable law purporting to extinguish, by the <br />passage of time, non-possessory interests in real property. Any future owner, Owner and <br />Orange County agree to do what each must do to accomplish the ninety-nine (99) year <br />duration of this Declaration. <br /> <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br /> <br />A. Rights of Refusal <br /> <br />1. Grant and Effect. Orange County is granted a right of first refusal to purchase the <br />Property as described in this Section. Any assignment, sale, transfer, conveyance, or <br />other disposition of the Property or any part thereof whether voluntarily or involuntarily <br />or by operation of law (“Transfer”) shall not be effective unless and until the below- <br />described procedure is followed. <br />2. Right of First Refusal. If Owner contemplates a Transfer during the term of this <br />Declaration to other than an agency with similar interest in affordable housing serving <br />families with incomes not exceeding 60% of the area median household income by <br />family size, as determined by the U.S. Department of Housing and Urban Development <br />at the time of the transfer, the non-profit fund, foundation, or corporation of like <br />purposes must have established its tax-exempt status under Section 501(c)(3) of the <br />Internal Revenue Code, Owner shall send to Orange County, at the address noted in the <br />Notice section of this Declaration, not less than 90 days prior to the contemplated <br />closing date of the Transfer, a “Notice of Intent to Sell.” This Notice of Int ent to Sell <br />shall be accompanied by a copy of a completed, fully executed bona fide offer to <br />purchase the Property on the then current North Carolina Bar Association “Offer to <br />Purchase and Contract” form. If Orange County elects to exercise its said right of <br />refusal, it shall notify the Owner of its election to purchase within 30 days of its receipt <br />of the notice and shall purchase the Property or portion thereof within 90 days of the <br />receipt of the “Notice of Intent to Sell.” The right of first refusal granted to the County <br />DocuSign Envelope ID: C902EFF9-56ED-450F-9212-1E71966C673A