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dwelling unit at the time of the rerecording. County retains the right to periodically and <br />every 30 yeazs after the first recording of the Declaration of Restrictive Covenants on the <br />Property to register, with the Register of Deeds of Orange County, a notice of <br />preservation of the Restrictive Covenants an the Property as provided in North Carolina <br />General Statute § 47B-4 or any compazable preservation law in effect at the time of the <br />recording of the notice of preservation. It is the intent of this Section of this Agreement <br />that the 99 year affordability requirement contained herein be accomplished and that <br />EmPOWERment and the County will do what is necessary to ensure that the same is not <br />extinguished by the Real Property Marketable Title Act or any comparable law <br />purporting to extinguish, by the passage of time, non possessory interests in real property. <br />Both EmPOWERment and County agree to do what each must do to accomplish the 99 <br />yeaz affordability requirement. <br />5. Resale Provisions. EmPOWERment shall assure compliance with affordability of <br />assisted units through the Declazation of Restrictive Covenants. The Declazation of <br />Restrictive Covenants shall include at least the following elements in their resale <br />provisions for the Improvements: <br />S.1 If the buyer no longer uses the Property as rental property is unable to continue <br />ownership, then the buyer must sell, transfer, or otherwise dispose of their <br />interest in the Property only to an agency with similar interest in affordable <br />housing and serve families with incomes not exceeding 80% of the area median <br />household income by family size, as determined by the U.S. Department of <br />Housing and Urban Development at the time of the transfer, to use as their <br />principal residence. <br />S.2 However, if the property is sold during the term of affordability to anon-qualified <br />homebuyer, the Right of First Refusal provision of the County's Long-Term <br />Housing Affordability Policy must be followed and the net sales proceeds (sales <br />price less: (1) selling cost, (2) the unpaid principal amount of the original first <br />mortgage and (3) the unpaid principal amount of the initial County contribution <br />and any other initial government contribution secured by a deferred payment <br />promissory note and deed of trust) or "equity" will be divided SO/50 by the seller <br />of the Property and the County. <br />5.3 The resale provision shall remain in effect for the full affordability period - 99 <br />yeazs. <br />6. Miscellaneous Provisions. <br />a. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all properties constructed with funds provide <br />affordable units to low-income families. It is the County's intention that the full public benefit of <br />this project shall be completed under the auspices of EmPOWERment for the assisted units as <br />follows: <br />