2024-261-E-Housing Dept-Community Housing Partners-Affordable Housing CIP Funds

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4892-4116-9314, v. 6 D. Community Housing Partners will cause the Owner to rerecord the Declaration of Restrictive Covenants periodically and no less often than one day less than every 30 years from the date hereof for the purpose of renewing the rights of first refusal in the Property or portion thereof including any leasehold interest in the Property or portion thereof. Orange County retains the right to periodically and every 30 years after the first recording of the Declarations of Restrictive Covenants to register, with the Register of Deeds of Orange County, a notice of preservation of the restrictive covenants on the Property as provided in North Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Section of this Agreement that the 99-year duration of this Declaration of Restrictive Covenants be accomplished and that any future owner(s) of the Property and Orange County will do what is necessary to ensure the same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of time, preemptive rights in the Property and by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non-possessory interests in real property. Community Housing Partners and the County agree to do what each must do to accomplish the 99 -year duration of the Declarations of Restrictive Covenants. VII. OWNER PERFORMANCE UNDER THIS AGREEMENT A. Community Housing Partners agrees to cause the Owner to use the Project funds for demolition, predevelopment, and infrastructure and site improvement costs on the Property described in Exhibit A to facilitate the future construction and development of 54 affordable housing units for lease to households earning between less than 30% and no more than 80% of the HUD area median income by family size, as determined by the U.S. Department of Housing and Urban Development and amended from time to time. Notwithstanding any other provision of this Agreement, in the event that Owner is unable to complete its obligations under this Agreement, Community Housing Partners may be required to exercise remedies against the Owner pursuant to the loan documents to repay the full amount of Project funds expended by the County pursuant to this Agreement, provided that such repayment obligation may be subject and subordinate to the rights of senior lenders. B. Community Housing Partner agrees to cause Owner to authorize the County to conduct on- site reviews, examine client and contractor records, client applications and to conduct any other procedures or practices to assure compliance with these provisions. C. Community Housing Partners agrees to not violate any State or Federal laws, rules or regulations regarding a direct or indirect illegal interest on the part of any employee or elected official of Community Housing Partners in the Project or payments made pursuant to this Agreement. D. Community Housing Partners agrees that to the best of its knowledge, neither the Project nor the funds provided therefore, and the personnel employed in the administration of the program shall be in any way or to any extent engaged in the conduct of political activities DocuSign Envelope ID: 6723EB43-5934-4E1A-A173-E46F70EADEBB