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4 <br />B. Each of the Project dwelling units must remain affordable during the “Period of <br />Affordability”, which is ninety-nine (99) years. Owner retains full responsibility <br />for compliance with the affordability requirements for the Project dwelling units, <br />unless affordability restrictions are terminated due to the sale of the Property to a <br />non-qualified buyer, in which event the Resale Provisions of this Agreement <br />pertain. Owner shall assure compliance with affordability of each of the Project <br />dwelling units by having recorded that certain Declaration of Restrictive Covenants <br />made by Owner, dated on or about the date hereof, the form of which is attached <br />hereto as Exhibit D (hereinafter, “the Declaration”) on the Property. This <br />Declaration shall constitute and remain a first lien on the Property during the Period <br />of Affordability. The Period of Affordability starts from the date of recording of <br />the Declaration and continues for a period of ninety-nine years thereafter. <br /> <br />C. Owner agrees to the affordability requirements as provided herein and the Resale <br />Provisions provided below and in Section 4B of the Declaration. <br /> <br />D. It is further the responsibility of Owner to rerecord the Declaration periodically <br />and no less often than one day less than every 30 years from the date hereof for the <br />purpose of renewing the rights of first refusal in the Property or portion thereof <br />including any leasehold interest in the Property or portion thereof. Orange County <br />retains the right to periodically and every 30 years after the first recording of the <br />Declaration to register, with the Register of Deeds of Orange County, a notice of <br />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 <br />the time of the recording of the notice of preservation. It is the intent of this Section <br />of this Agreement that the 99-year duration of the Declaration be accomplished and <br />that any future owner of the Property, Owner, and Orange County will do what is <br />necessary to ensure the same is not extinguished by N.C. Gen. Stat. § 41-29 or any <br />comparable law purporting to extinguish, by the passage of time, preemptive rights <br />in the Property and by the Real Property Marketable Title Act or any comparable <br />law purporting to extinguish, by the passage of time, non possessory interests in <br />real property. Owner and the County agree to do what each must do to accomplish <br />the 99-year duration of the Declaration. <br /> <br />E. Resale Provisions Owner shall assure compliance with affordability of each of the <br />Project dwelling units through the Declaration. The Declaration shall include at <br />least the following elements in its resale provisions: <br /> <br />a. If Owner no longer uses the Property as rental property or is unable to <br />continue ownership, then the Owner must sell, transfer, or otherwise <br />dispose of its interest in the Property only to an agency with similar interest <br />in affordable housing and serve families with incomes not exceeding 60% <br />of the HUD area median household income by family size at the time of the <br />transfer. The non-profit fund, foundation, or corporation of like purposes <br />must have established its tax-exempt status under Section 501(c)(3) of the <br />Internal Revenue Code. <br />DocuSign Envelope ID: C902EFF9-56ED-450F-9212-1E71966C673A