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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Prepared by and after recording return to: Morgan Pierce, Orange County Attorney’s Office, P.O. Box <br />8181, Hillsborough, NC 27278 <br /> <br />DECLARATION OF RESTRICTIVE COVENANTS <br /> <br />THIS DECLARATION OF RESTRICTIVE COVENANTS (“Declaration”), dated <br />________, 2024, by EmPOWERment, Inc. for itself and its successors and assigns (“Owner” or <br />“EmPOWERment”), is given as a condition precedent to the award of Orange County funds. <br /> <br />RECITALS: <br /> <br />WHEREAS, the Orange County HOME Consortium has designated up to One Hundred <br />and Five Thousand Dollars ($105,000) in FY 2023-24 County funds to assist in the acquisition <br />of affordable rental units; and <br /> <br />WHEREAS, the Owner intends to acquire property, affordable rental units located at 104 <br />Grant Street, Chapel Hill, North Carolina (hereinafter referred to as “the Project” or the “Project <br />dwelling units”), as rental housing for low-income families earning between 30% - 60% of the <br />Area Median Income. The Project dwelling units are located on the property more particularly <br />described in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to <br />as “the Property”). <br /> <br />WHEREAS, Orange County requires and Owner agrees to the requirement, as a condition <br />precedent to the awarding of Orange County funds, that Owner execute, deliver and record this <br />Declaration in the Office of the Register of Deeds of Orange County in order to create certain <br />covenants pertaining to the Property and running with the land for the purpose of enforcement of <br />the affordability requirements of the Orange County Investment Partnership Program and the <br />County’s Long-Term Affordability Policy. <br /> <br />NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth <br />and of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, <br />Owner intends, declares, and covenants that the regulatory and restrictive covenants set forth <br />herein governing the use, occupancy, and transfer of the Property shall be and are covenants <br />DocuSign Envelope ID: 8C0299D2-0578-4D1C-BF2F-2064EE2D4392