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A.Thc following provisions apply throughout thc duration of thc HOME Affordability <br />Period, which is fiftcen (15) years, and continue to apply upon expiration of the HOM! <br />Affordability Period and prior to expiration of ninety (99) ycars frbm the datc of project <br />Cornpletion: <br />L Rights of Refusal <br />^. Grant and Effect. Orange County is granted a right of first refusal to purchase the <br />Property as dcscribed in this Scction. Any assignment, salc, transfcr, conveyancc. or <br />other disposition of the Propcrty or any part thcreof rvhether voluntarily or <br />involuntarily or by opcration of law ("Transfcr") shalt not bc cffcctivc unlcss and <br />until the bclorv-described procedure is followed. <br />b. Rieht of First Refusal. If Orvner contcmplatcs a Transfer to any cntiry other than an <br />agency with similar intercst in affordable housing serving families with incomes nor <br />exceeding 80% of the area median household income by family size, as detcrmined <br />by the U.S. Department of Housing and Urban Development, at the time of the <br />transfer, rvhich non-profit fund, foundation, or corporation of like purposes must have <br />established its tax-exempl status under Section 50t(c)(3) of the Internal Revenue <br />Codc, then the Owner shall send to Orangc County, at thc addrcss noted in thc Noticc <br />section of this Declaration, not less than 90 days prior to rhe contemptated closing <br />date of the Transfer. a "Notice of Intent to Sell ("Notice")." This Notice shall be <br />accompanied by a copy of a completed, fully executed bona fide offer to purchase the <br />Property on the then current North Carolina Bar Association "Offer to Purchase and <br />Contract" fonn. If Orange County elects to exercise its said right of refusal, it shall <br />notifr the Owner of its election to purchase within 30 days of its receipt of the Notice <br />and shall purchase the Property or portion thereof within 90 days of the receipt of the <br />"Notice of lntent to Sell." <br />Sales After Failure to Exercise Riehts of Refusal. If Orange County does not <br />advise Owner in a timely fashion of its intent to purchase the property, then <br />owner shall be free to transfer the properry in accordance with the provisions in <br />this Section. <br />2. Assisnabilitv. Orange Counry may assign its righr of first refusal rvithout Owner's <br />consent. <br />2. Resale and Recapture Provisions <br />If the Owner no longer uses the Property as affordable rental property or is unable to <br />continue ownership, then Owner must sell, transfer, or othenvise dispose of their <br />interest in the Property only to a qualified homebuyer, i.e., a low-income household, <br />one rvhose combined income does not exceed 80% of the area median household <br />income by family size, as determined by the U.S. Department of Housing and Urban <br />Development at the time of the transfer, to use as their principal residence. <br />a <br />5 <br />Docusign Envelope ID: A7F54EB6-02F6-4B44-B5FA-9D9112C03224