Orange County NC Website
Browse       Search
<br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND <br /> <br />A. Upon execution of this Declaration by Owner, Owner shall cause this declaration and all <br />amendments hereto to be recorded and filed in the Office of the Register of Deeds of <br />Orange County. <br /> <br />B. Owner intends, declares and covenants, on behalf of itself and all future Owners of the <br />Property during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and <br />transfer of the Property (1) shall be and are covenants running with the land, encumbering <br />the Property for the term of this declaration, binding upon Owner's successors in title and <br />all subsequent Owners of the Property; (2) are not merely personal covenants of Owner; <br />and (3) shall bind Owner (and the benefits shall inure to Orange County and any past, <br />present or prospective owner of the Property) and its respective successors and assigns <br />during the term of this Declaration. Owner hereby agrees that any and all requirements or <br />privileges of estate are intended to be satisfied, or in the alternate, that an equitable <br />servitude has been created to ensure that these restrictions run with the Property. For the <br />term of this Declaration, each and every contract, deed or other instrument hereafter <br />executed conveying the Property or portion thereof shall expressly provide that such <br />conveyance is subject to this Declaration, provided, however, the covenants contained <br />herein shall survive and be effective regardless of whether such contracts, deed, or other <br />instrument hereafter executed conveying the Property or portion thereof provides that such <br />conveyance is subject to this Declaration. It is further the responsibility of Owner to <br />rerecord the Declaration of Restrictive Covenants periodically and no less often than one <br />day less than every 30 years from the date hereof for the purpose of renewing the rights of <br />first refusal in the Property or portion thereof including any leasehold interest in the <br />Property or portion thereof. Orange County retains the right to, periodically and every 30 <br />years after the first recording of the Declaration of Restrictive Covenants on the Property <br />to register, with the Register of Deeds of Orange County, a notice of preservation of the <br />Restrictive Covenants on the Properties as provided in North Carolina General Statute § <br />47B-4 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 that the ninety-nine (99) year duration <br />of this Declaration of Restrictive Covenants be accomplished and that any future owner of <br />the Properties, Owner, and Orange County will do what is necessary to ensure that the same <br />is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to <br />extinguish, by the passage of time, preemptive rights in the Property and 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. Any future owner, Owner and <br />Orange County agree to do what each must do to accomplish the ninety-nine (99) year <br />duration of this Declaration of Restrictive Covenants. <br /> <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENT <br /> <br />A. The following provisions apply throughout the duration of the Affordability Period, and <br />continue to apply upon expiration of the Affordability Period and prior to expiration of <br />ninety-nine (99) years from the date of Project Completion: <br /> <br />Docusign Envelope ID: 4B02F05F-1410-4DCD-BCEE-8DD7A7B20DAF