Agenda - 06-06-2000-8h - Laserfiche WebLink

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26 owners of the Property and for such term, except as specifically provided herein, and are not merely personal covenants of Owner. Owner hereby covenants with Orange County, North Carolina (and their respective heirs, successors and assigns) as follows: all of the terms and conditions of the Declaration are herein reaffirmed and incorporated herein by reference and amended as follows: 1. SECTION 4 B. of the Declaration is amended to read as follows: S. Resale Provisions a. If the buyer no longer uses the Property as a principal residence or is unable to continue ownership, then the buyer must sell, transfer, or otherwise dispose of their interest in the Property only to a qualified homebuyer, i.e., a low-income household, one whose combined income does not exceed 80~ of the area median household income by family size, as determined by the U.S. Department of Housing and Urban Development at the time of the transfer, to use as their principal residence. b. However, if the property is sold, during the term of affordability to a non-qualified homebuyer, the Right of First Refusal provision of the New and Existing First-Time Homebuyer Program portion of the County's Long-Term Housing Affordability Policy must be followed and the net sales proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of the original first mortgage and (3) the unpaid principal amount of the initial County contribution and any other initial government contribution secured by a deferred payment promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of the Property and the County. c. The resale provisions shall remain in effect for the full affordability period - 99 years. IN WITNESS WHEREOF, Owner has caused this Declaration to be signed by its duly authorized representative, on the day and year first above written. 2