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<br />1. Owner agrees to lease the Project dwelling unit to families whose income is less than <br />60% of the area median income throughout the HOME Affordability Period, which is <br />fifteen (15) years, after which time each of the Project dwelling unit must adhere to the <br />requirements of the County’s Long-Term Housing Affordability Policy and continue <br />to remain affordable for a total affordability period of ninety-nine (99) years. Area <br />Median Income by family size is determined by the U.S. Department of Housing and <br />Urban Development and amended from time to time. Monthly rents must not exceed <br />the HOME Program Rents in effect at the time of occupancy. Residential leases will <br />not exceed one year in term. <br /> <br />2. The Project dwelling unit must remain affordable throughout the HOME Affordability <br />Period. Owner retains full responsibility for compliance with the affordability <br />requirement for the Project dwelling unit. Owner shall assure compliance with <br />affordability of the Project dwelling unit on the Property by having recorded a <br />Declaration of Restrictive Covenants (“Declaration”) on the Property, the form of <br />which is attached as Exhibit D and hereby incorporated into this Agreement. This <br />Declaration shall constitute and remain a lien on the Property during the HOME Period <br />of Affordability. <br /> <br />3. Owner agrees to the Affordability Requirements as provided herein and the Provisions <br />provided in the Exhibit D, Declaration of Restrictive Covenants, Section 4. <br /> <br />4. It is further the responsibility of Owner to rerecord the Declaration periodically and no <br />less often than one day less than every 30 years from the date hereof for the purpose of <br />renewing the rights of first refusal in the Property or portion thereof including any <br />leasehold interest in the Property or portion thereof. Orange County retains the right to, <br />periodically and every 30 years after the first recording of the Declaration on the <br />Property 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 Carolina <br />General Statute § 47B-4 or any comparable preservation law in effect at the time of the <br />recording of the notice of preservation. It is the intent of this Agreement that the Project <br />remain affordable throughout the entire duration of this Declaration and that any future <br />Owner of the Property, Owner, and Orange County will do what is necessary to ensure <br />that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law <br />purporting to extinguish, by the passage of time, preemptive rights in the Property and <br />by the Real Property Marketable Title Act or any comparable law purporting to <br />extinguish, by the passage of time, non-possessory interests in real property. Any <br />Owner, future Owner and Orange County agree to do what each must do to accomplish <br />the duration of this Declaration of Restrictive Covenants. <br /> <br /> <br />VII. OWNER PERFORMANCE UNDER THIS AGREEMENT <br /> <br />A. Owner agrees to lease the Project dwelling unit to a family whose income is less than 60% <br />of the area median income by family size, as determined by the U.S. Department of <br />Housing and Urban Development and as may be amended from time to time. Monthly <br />DocuSign Envelope ID: 48DDB7F3-249B-44E9-A965-4AB2E5C0F864