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<br /> <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of <br />Orange County. <br /> <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 Properties (1) shall be and are covenants running with the land, encumbering <br />the Properties for the term of this declaration, binding upon Owner's successors in title and <br />all subsequent Owners of the Properties; (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 Properties) and its respective successors and assigns <br />during the term of this Declaration. Owner hereby agrees that any an d all requirements or <br />privileges of estate are intended to be satisfied, or in the alternate, that an equitable <br />servitude has been created to insure that these restrictions run with the Properties. For the <br />term of this Declaration, each and every contract, deed or other instrument hereafter <br />executed conveying the Properties or portion thereof shall expressly provide that such <br />conveyance is subject to this Declaration, provided, however, the covenants contained <br />herein shall survive and be effective regardless of whether such contracts, deed, or other <br />instrument hereafter executed conveying the Properties or portion thereof provides that <br />such conveyance is subject to this Declaration. It is further the responsibility of Owner to <br />rerecord the Declaration of Restrictive Covenants periodically and no less often than one <br />day less than every 30 years from the date hereof for the purpose of renewing the rights of <br />first refusal in the Properties or portion thereof including any leasehold interest in the <br />Properties or portion thereof. Orange County retains the right to, periodically and every 30 <br />years after the first recording of the Declaration of Restrictive Covenants on the Properties <br />to register, with the Register of Deeds of Orange County, a notice of preservation of the <br />Restrictive Covenants on the Properties as provided in North Carolina General Statute § <br />47B-4 or any comparable preservation law in effect at the time of the recording of the <br />notice of preservation. It is the intent of this Section that the ninety-nine (99) year duration <br />of this Declaration of Restrictive Covenants be accomplished and that any future owner of <br />the Properties, 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 Properties 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 of Restrictive Covenants. <br /> <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENT <br />DocuSign Envelope ID: 48DDB7F3-249B-44E9-A965-4AB2E5C0F864