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18 <br /> .for County approval. The County miry, at its option, approve any delay in the <br /> completion said or declare RSI in default. <br /> R5] shall monitor die constructed marts f whomabifty for the period of affordability— <br /> ri mety-nom(99)years Final odntranr completion date shall be the latest end dam of all <br /> assisted wit affordability periods. <br /> 4. Affordability Requirement Each unit must remain affordable for a period of dormly- <br /> nme year, RSI retains Poll responsibility for compliance with the affordability <br /> .requirement far arrived mats, Micas aBmdabiliry varmitions am terminated due m the <br /> stile of the Property to a non-qualifiel buyer in which evrnr the Resale Provisions of <br /> Section 5 of this Agreement pertain RSI shall dome compliance with affordability of <br /> slisted unit by having recording at the time it sells each of the fourteen dwelling units, <br /> a"Dedamtionof Reductive Coverout(EXHIBIT C)on the Property.This Declaration <br /> shell domtimm and remain a dust lien w the Property donors thepaiod ofaf(orsoblfity. <br /> It is Partner tam responsibility rfMI to rostrum the Dwlmation ofIcesuGive Covenants <br /> no later Than one day hfore the expiration of 30 year.rfthe date ofim sale ofeach of the <br /> fyurr n dwelling mots in the event the homeowner Purchasing the Property frmn RSI is <br /> still the owner of the dwcuing unit at the time of the terecording. County serious too right <br /> to periodically and every 30 year; after the first recording of the Declaration of <br /> Restrictive Cormorants on the Property to mgista, with the Register of Deeds of Cringe <br /> County,a notice of preservation of the Reductive Covmarva on the Property as provided <br /> m Norm Carolina Control Statute § 4984 or any comparable preservation law is el£t <br /> as the lima of the rceotdmg of the wficu of praessymi oa It is the intent ofthis Section of <br /> this Agreement thal. the 99 year afPoNability reuiremeat coated sent be <br /> accomplished and that RSI end the County will der what is nermeddry to onsure fast the <br /> Eady is not c%firip eltM by the Real Property Ma ourded Title Act or any comparable <br /> law Purporting to extinguish, by the parrai of Limo, non possessory interests in oral <br /> property.Both ILSI and County agree to do what each must en to accomplish the 99-year <br /> affordability requireme m. <br /> 5.. Resale Provisions RSI shall ansom compliance with affordability of crossing units <br /> through the Destitution of Restrictive Covenants. The Dcclaitlon of Restrictive <br /> Covenants amid include at lent the following elorants in their resale provisions for the <br /> Improvements. <br /> 5.1 If the buyer no lungs uses the Property as Moral property ors unable to continue <br /> owner *.the¢the boyar must sell,member,or otherwise disPOM of their mtercst <br /> in the Property Only to an agency with similar interest b aQordable housing aM <br /> W serve f'Get with incomes not exceeding So% of the area median household <br /> income by family size, as determined by the U.S. Department of Housing mull <br /> Urban Development an me time of me tos sRr. The nompmfit bond, foundation, <br /> or corporation Office purposes must have established It tax-exempt status under <br /> Sect ion 501 (0)(3)of the Wirral Revenue Code <br /> IS <br />