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10 <br />2. Time for Commencement and Completion. Habitat, Incorporated must submit a sound, <br />site-specific development proposal for developing the Property including committed <br />funding sources by June 15, 2001. Actual construction must begin within three (3) years <br />of the date of this agreement. Habitat will responsible for providing status reports to the <br />County quarterly detailing the project activities until project completion. In addition, <br />Habitat agrees to furnish to the County a copy of its annual audit, performed by a <br />certified public accountant within 90 days of the end of each fiscal year until the Project <br />is complete. <br />The Project completion date is the closing date of the purchase by a qualified buyer of the <br />last of the twenty-five units to be constructed for first time homebuyers. In the event that <br />Habitat is unable to proceed with any aspect of the Project in a timely manner, and <br />County and Habitat determine that reasonable extension(s) for completion will not <br />remedy the situation, then the Termination of Agreement provisions of this Agreement <br />(Section C.a.) shall pertain. Habitat may, at its option, submit a written request for a delay <br />of completion for County approval. The County may, at its option, approve any delay in <br />the completion date or declare Habitat in default. <br />Habitat shall monitor the constructed units for affordability for the period of affordability <br />- ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br />assisted unit affordability periods. <br />3. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br />nine years. Habitat retains full responsibility for compliance with the affordability <br />requirement for assisted units, unless affordability restrictions are terminated due to the <br />sale of the Property to anon-qualified buyer in which event the Resale Provisions of <br />Section 5 of this Agreement pertain. Habitat shall assure compliance with affordability of <br />assisted units by having recording, at the time it sells each of the twenty-five dwelling <br />units, a "Declaration of Restrictive Covenants" (EXHIBIT C) on the Property. This <br />Declaration shall constitute and remain a first lien on the Property during the period of <br />affordability. <br />It is further the responsibility of Habitat to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of its sale of <br />each o€ the twenty-five dwelling units in the event the homeowner purchasing the <br />property from Habitat is still the owner of the dwelling unit at the time of the rerecording. <br />County retains_ the right to periodically and every 30 years after the first recording of the <br />Declaration of Restrictive Covenants on the Property to register, with the Register of <br />Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the <br />Property as provided in North Carolina General Statute § 47B-4 or any comparable <br />preservation law in effect at the time of the recording of the notice of preservation. It is <br />the intent of this Section of this Agreement that the 99 year affordability requirement <br />contained herein be accomplished and that Habitat and the County will do what is <br />necessary to ensure that the same is not extinguished by the Real Property Marketable <br />Title Act or any comparable law purporting to extinguish, by the passage of time, non <br />