S Housing - Development Agreement Orange Co and Affordable Rentals Ins $140,000

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Exhibit B Prepared by and return to: Geoffrey E. Gledhill, P.O. Drawer 1529, Hillsborough, NC 27278 DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated by Orange Community Housing and Land Trust, Inc, and its successors and assigns (Owner), is given as a condition precedent to the award of Federal HOME Investment Partnership Program funds by Orange County, North Carolina, a body. politic and corporate, a political subdivision of the State of North Carolina, (hereafter "the County") together with any successor to its rights, duties, and obligations. RECITALS: WHEREAS, the Orange County HOME. Consortium has designated $140,000 in FY 2007 HOME funds for the purpose of homeownership assistance for first-time homebuyers to purchase dwelling units in the Town of Carrboro hereafter referred to as the "Project" or the "project dwelling unit(s)"; and the Project dwelling .units are located on properties more particularly described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and WHEREAS, the Orange County HOME Consortium has designated $140,000 in FY 2007 HOME funds for the purpose of homeownership assistance for first-time homebuyers to purchase dwelling units in the Town of Carrboro hereafter referred to as the "Project" or the "project dwelling unit(s)"; and WHEREAS, the County is the lead entity of the Orange HOME Consortium,. so designated in an agreement dated July 1, 2008 and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. sec .) (hereinafter referred to as the 11