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16 <br /> NORTH CAROLINA <br /> ORANGE COIINtY <br /> DP VELO"PNI AGREEM1IF.NT <br /> This is m AGREEMENT between ORANGE COLNTY, a general local gm-emmental <br /> un1t of the State of Noun Carolina, (hereimfter refereed to es the "COantY') and <br /> RESIDENTIAL SERVICES, INC., a North Carolina non-profit housing otganizatioa <br /> @eraivefmr mfnoedmas"RSI'). ThceRectivcdatcoCtts egaemmtis <br /> WITNESSTH <br /> WHEREAS, the County, in the implrnnontation of the Crops County Affordable <br /> Hoping. Bond Pmgrom solicited applications for funding from frustrated von-p re t <br /> organizations; <br /> WHEREAS, MI submitiM an appticatiw for Housing Bond funding dead May, 29, <br /> 2001 fm $385,419 for the dcvdopmatt of a Cominiing Care Center for paging with <br /> Developmental Disabilities that was approved by the Board of County Commissioners on June <br /> 19,2001 awmdmg$275,000;and <br /> WHEREAS,RSI proposes to develop fifteen(15)mtu on Mount Mention Church tired <br /> as described w EXHIBIT A. for law-income sroim citizens with developmental disabilities <br /> running teas ihsu 30%of the HUD area memar income and <br /> AMEREAS,IM epees to i n dive bond funds provided by tho County my the purpose of <br /> constructors 15 units for low-income elderly ivdividuale v described lo their bond application <br /> dated May, 29, 2001 which is EXIEBIT B to this Agreement. and hcrengeficr internal to "the <br /> Project" <br /> NOW, THEREFORE, n consideration of me mutual co aunts, promtsea, and <br /> representations coalamed herein,it is agreed Felwaen the parties harm as follows'. <br /> I. RSI Shall wm4uct the dwelling units defined in the Pouted, obtain ad permits <br /> and licenses necessary m construct tho homes m the PmPe^y, and comply wiN <br /> applicable building and erring entireness and the N G Housing Pmances Agency Energy <br /> Sternums. Tha Prymtelull beundamhauwilhout residential dieplacemmt. <br /> b. RSl apses to hei the properly to families whose income does not crossed 301/.of <br /> the area median income by CanWy use,as determined by the U.S.Department ofHouging <br /> and Urban Development and as amended from time to lime. And RSI agrees that all <br /> compares will be Mediated eligible. <br /> The bold fording provided by the County will be provided as a deforred swan! <br /> mortgage. The bond i ossmawt will be seemed by a forty(0.0) year Deed of Trost and <br /> It <br />