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5 <br />approve any delay in the completion date or declare the Town in default. <br />The Town shall monitor the constructed unit for affordability for the period of <br />affordability - ninety-nine (99) years. Final contract completion date shall be the latest <br />end date of all assisted unit affordability periods. <br />3. Affordability Requirement. The unit must remain affordable for a period of ninety-nine <br />years. The Town retains frill responsibility for compliance with the affordability <br />requirement for assisted unit, unless affordability restrictions are terminated due to the <br />sale of the Property to a non-qualified buyer, in which event the Resale Provisions of <br />Section 4 of this Agreement pertain, The Town shall assure compliance with affordability <br />of the assisted unit by having recorded a "Declaration of Restrictive Covenants" <br />(EXHIBIT B) on the Property. This Declaration shall constitute and remain a first lien on <br />the Property during the period of affordability. <br />It is further the responsibility of the Town to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of the <br />purchasing the property in the event that the Town is still the owner of the dwelling unit <br />at the time of the rerecording. County retains the right to periodically and every 30 years <br />after the first recording of the Declaration of Restrictive Covenants on the Property to <br />register, with the Register of Deeds of Orange County, a notice of preservation of the <br />Restrictive Covenants on the Property as provided in North Carolina General Statute § <br />47134 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 of this Agreement that the 99 year <br />affordability requirement contained herein be accomplished and that the Town and the <br />County will do what is necessary to ensure that the same is not extinguished 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. Both the Town and County <br />agree to do what each must do to accomplish the 99 year affordability requirement. <br />4. Resale Provisions. The Town shall assure compliance with affordability of assisted unit <br />through the Declaration of Restrictive Covenants. The Declaration of Restrictive <br />Covenants shall include at least the following elements in their, resale provisions for the <br />Improvements: <br />4.1 If the buyer no longer uses the Property as rental property or is unable to continue <br />ownership, then the buyer must sell, transfer, or otherwise dispose of their interest <br />in the Property only to an agency with similar interest in affordable housing and <br />serve families with incomes not exceeding 80% of the area median household <br />income by family size, as determined by the U.S. Department of Housing and <br />Urban Development at the time of the transfer. The non-profit fund, foundation, <br />or corporation of like purposes must have established its tax-exempt status under <br />Section 501 (c)(3) of the Internal Revenue Code.