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DRAFT <br />NORTH CAROLINA <br />ORANGE COUNTY <br />GRANT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local <br />governmental unit of the State of North Carolina, (hereinafter referred to as the "County") <br />and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit <br />corporation (hereinafter referred to as "OCHC."). The date of this Agreement is <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated $57,000 in FY <br />1996 HOME funds and $74,000 in FY 1999 HOME funds for the purpose of conveying <br />these funds to Orange Community Housing Corporation, Inc. to assist with the <br />development of fourteen (14) townhome units on Legion Road and Scarlette Drive in <br />Chapel Hill, which property is more particularly described in Exhibit A attached hereto and <br />made a part of this Agreement (hereinafter referred to as the "Property"); and <br />. WHEREAS, the County is the lead entity of the Orange HOME Consortium; so <br />designated in an agreement dated August 27, 1992, and amended January 26, 1993, and <br />July 28, 1993, and as such is the lead entity in a representative capacity for all members of <br />the Orange HOME- Consortium for the purposes of carrying out the HOME Program in <br />accordance with the Title II of the Cranston-Gonzalez National AffordabJe Housing Act <br />(Pub. L. 101-625), (42 U.S.C. 3535(d.) et. SeMc .) (hereinafter referred to as the "Act"), and <br />as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, Orange Community Housing Corporation intends to develop the <br />Property for the purpose of constructing housing opportunities for families earning 80% <br />and below of the HUD area median income in partnership with the Community Land Trust <br />in Orange County, Incorporated; and <br />WHEREAS, in cooperation with the Community Land Trust in Orange County, NC, <br />Inc., the land would be held in a Community Land Trust (CLT), ensuring affordability of the <br />homes for at least 99 years; <br />NOW, THEREFORE, in consideration of the premises and the mutual covenants <br />herein contained, the parties hereto do agree as follows: <br />1.. OCHC agrees to design, market, and implement the Scarlette Drive Project <br />whereby HOME funds will be used for development costs for constructing