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<br />b. However, if the Project is sold during the term of affordability, the Right of First <br />Refusal provisions of the County’s New and Existing First-Time Homebuyer <br />Program portion of the County’s Long-Term Housing Affordability Policy shall <br />apply. Upon sale to a third party, the Net Sales Proceeds (defined as sales price less: <br />(1) reasonable and customary selling costs; (2) the unpaid principal amount of the <br />first mortgage; and (3) the unpaid principal amount of the initial County <br />contribution and any other government contribution secured by a deferred payment <br />promissory note and deed of trust or “equity” shall be divided equally between the <br />Seller of Project or Its Units and the County, each receiving fifty percent (50%) of <br />the equity. <br /> <br />c. In the event that Net Sales Proceeds are insufficient to repay the County’s <br />investment, including principal plus any accrued interest, the amount to be <br />recaptured shall consist of all remaining proceeds after payment of all senior, non- <br />County debt and verified closing costs. In no event shall the Seller be required to <br />contribute funds beyond the available Net Sales Proceeds to satisfy this obligation. <br /> <br />d. The resale and recapture provisions of this Section shall remain in full force and <br />effect for the entire term of this Declaration, through and including the ninety-nine <br />(99)-year affordability period. <br /> <br />D. Owner covenants that it will not knowingly take or permit any action or omission that <br />would result in a violation of the affordability requirements of Orange County, as set forth <br />in this Declaration and in the County’s Long-Term Affordability Policy. Orange County, <br />together with Owner, may, by mutual agreement, execute and record amendments or <br />modifications to this Declaration, provided that any such amendment or modification is <br />consistent with applicable law and the County’s affordable housing policies. Any duly <br />executed and recorded amendment shall be binding upon all parties having rights or <br />interests in the Project under this Declaration. <br /> <br />E. Owner acknowledges that the primary purpose of this Declaration is to ensure compliance <br />with the affordability requirements of Orange County. In consideration for receiving <br />Orange County Capital Investment Plan Affordable Housing Bond funds for the Project, <br />Owner hereby agrees and consents that Orange shall be entitled, for any breach of this <br />Declaration, and in addition to all other remedies provided by law or in equity, to enforce <br />Owner’s obligations hereunder by specific enforcement in the General Court of Justice, <br />Orange County, North Carolina. Owner hereby further specifically acknowledges that the <br />County and other intended beneficiaries of this Declaration cannot be adequately <br />compensated by monetary damages in the event of any default. <br /> <br />F. This Declaration may be enforced by Orange County or its designee in the event Owner <br />fails to comply with any of the requirements of this Declaration. The County may pursue <br />any and all proceedings at law or in equity against any persons or entity violating or <br />attempting to violate any provision of this Declaration affecting the Project. If legal costs <br />are incurred by Orange County in any such proceeding, including attorneys fees and court <br />costs, including costs of appeal, such costs shall be the responsibility of the Owner and <br />may be recovered by the County to the extent permitted by law. <br />Docusign Envelope ID: 4B02F05F-1410-4DCD-BCEE-8DD7A7B20DAF