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25 <br />Prepared By: Geoffrey $. Gledhill, Attoraey at Law, P.o. Drawer <br />'~ 1529, Hillsborough, NC 27278 <br />After recording return to: Geoffrey B. Gledhill, P.O. Drawer 1529, <br />Hillsborough, NC 27278 <br />NORTH CAROLINA <br />ORANGE COUNTY <br />AMENDMENT TO DECLARATION OF RESTRICTIVE COVENANTS <br />This is an amendment to the DECLARATION OF RESTRICTIVE <br />COVENANTS ("the Declaration"), dated March 3, 2000 by <br />EMPOWERMENT, Inc. and its successors and assigns (Owner), and is <br />given as a condition precedent to the amendment of the <br />Development Agreement related to the award of Affordable Housing <br />Bond funds by Orange County, North Carolina. <br />RECITALS: <br />WHEREAS, Owner is the owner of property located in the Town <br />of Carrboro, Orange County, State of North Carolina (hereinafter <br />referred to as "the Property"), more particularly described in <br />Exhibit "A" hereto; and <br />WHEREAS, EmPOWERment has requested authority from Orange <br />County to change the affordability provisions in the Development <br />Agreement related to the Property; and <br />WHEREAS, Orange ,County agrees to a change to the <br />Development Agreement that will permit EmPOWERment to make the <br />replacement dwelling units that are the subject of the <br />Development Agreement to be made available to first-time <br />homebuyers earning up to 80~ of HUD area median income; and <br />WHEREAS, the Property is subject to the Declaration, which <br />is recorded at Book 2049, Page 510 of the Orange County <br />Registry. <br />NOW, THEREFORE, in consideration of the promises and <br />covenants hereinafter set forth and of other valuable <br />consideration, the receipt and sufficiency of which is hereby <br />acknowledged, Owner intends, declares, and covenants that the <br />regulatory and restrictive covenants set forth in the <br />Declaration related to the Property, recorded at Book 2049, Page <br />510 of the Orange County Registry, as amended by this amended <br />Declaration of Restrictive Covenants, governing the use, <br />occupancy, and transfer of the Property shall be and are <br />covenants pertaining to the Property and running with the land <br />for the term stated herein and are binding upon all subsequent <br />1 <br />