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<br />1. Rights of Refusal <br /> <br />a. Grant and Effect. Orange County is hereby granted a right of first refusal to <br />purchase the Property or Project dwelling units as described in this Section. Any <br />assignment, sale, transfer, conveyance, or other disposition of the Project or any <br />part thereof, whether voluntarily, involuntarily, or by operation of law (“Transfer”) <br />shall not be effective unless and until the below-described procedure is followed. <br /> <br />b. Right of First Refusal. If Owner contemplates a Transfer to any entity other than <br />an agency with similar mission in affordable housing serving households with <br />incomes not exceeding eighty percent (80%) of the area median household income <br />by family size, as determined by the U.S. Department of Housing and Urban <br />Development at the time of the transfer, and which non-profit fund, foundation, or <br />corporation of like purposes has established its tax-exempt status under Section <br />501(c)(3) of the Internal Revenue Code, the Owner shall provide Orange County, <br />at the address set forth in the Notice section of this Declaration, written notice <br />(“Notice of Intent to Sell”) not less than ninety (90) days prior to the contemplated <br />closing date of the Transfer. The Notice shall be accompanied by a copy of a <br />completed, fully executed bona fide offer to purchase the Project or Project <br />dwelling units on the then-current North Carolina Bar Association “Offer to <br />Purchase and Contract” form. If Orange County elects to exercise its right of <br />refusal, it shall notify the Owner of its election to purchase within thirty (30) days <br />of receipt of the Notice and shall purchase the Project or portion thereof within <br />ninety (90) days thereafter, unless extended by mutual agreement. <br /> <br />1. Sales After Failure to Exercise Rights of Refusal. If Orange County does not <br />advise Owner in a timely fashion of its intent to purchase the Project or Project <br />dwelling units, Owner may transfer the property in accordance with the <br />provisions of this Section. <br /> <br />2. Assignability. Orange County may assign its right of first refusal without <br />Owner’s consent. <br /> <br />2. Resale and Recapture Provisions <br /> <br />a. If the Owner is unable to continue ownership or occupancy under the affordability <br />requirements, then Owner must sell, transfer, or otherwise dispose of their interest <br />in the Property or any Project dwelling units only to a qualified homebuyer, i.e., a <br />low-income household, one whose combined income does not exceed eighty <br />percent (80%) of the area median household income by family size, as determined <br />by the U.S. Department of Housing and Urban Development at the time of the <br />transfer, to use as their principal residence. Subsequent resales during the term of <br />this Declaration may be made to households earning up to one hundred fifteen <br />percent (115%) of the area median income, consistent with the County’s Long- <br />Term Housing Affordability Policy. <br /> <br />Docusign Envelope ID: 4B02F05F-1410-4DCD-BCEE-8DD7A7B20DAF