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b. Contemporaneously with the execution, delivery and recording of this Declaration, <br />OCHLT will acquire good and marketable title to the Property, free and clear of any lien or <br />encumbrance (except encumbrances created pursuant to this Declaration or other encumbrances <br />permitted by Orange County). <br />c. OCHLT warrants that it will not accept title to the Property subject to and will not <br />execute any other declaration with provisions contradictory to, or in opposition to, the provisions <br />hereof, and that in any event, the requirements of this Declaration are paramount and controlling <br />as to the rights and obligations herein set forth and supersede any other requirements in conflict <br />herewith. <br />SECTION 2 TERM OF DECLARATION <br />a. This Declaration (and the terms of affordability specified herein) applies to the Property <br />immediately upon the recordation of this Declaration. OCHLT and all subsequent owners of the <br />Property shall comply with all covenants herein. This Declaration shall terminate ninety-nine <br />years after the Project completion date as specified in the GRANT AGREEMENT. <br />SECTION 3 RECORDING AND FILING; COVENANTS TO RUN WITH <br />THE LAND <br />a. OCHLT shall cause this declaration and all amendments hereto to be recorded and filed <br />in the Office of the Register of Deeds of Orange County upon its execution. OCHLT shall pay all <br />fees and charges incurred in connection therewith. <br />b. OCHLT intends, declares and covenants, on behalf of itself and all future owners of the <br />Property during the term of this Declaration, that this Declaration and the covenants and <br />restrictions set forth in this Declaration regulating and restricting the use, occupancy and transfer <br />of the Property (1) shall be and are covenants running with the land, encumbering the Property <br />for the term of this Declaration, binding upon all present and future owners of the Property; (2) <br />are not personal covenants of Declarant; and (3) shall bind all present and future owners (and the <br />benefits shall inure to the County and any prospective owner of the Property) and its respective <br />successors and assigns during the term of this Declaration. For the term of this Declaration, each <br />and every contract, lease, deed or other instrument hereafter executed conveying the Property or <br />portion thereof shall expressly provide that such conveyance is subject to this Declaration, <br />provided, however, the covenants contained herein shall survive and be effective regardless of <br />whether such contract, lease, deed, or other instrument hereafter executed conveying the Property <br />or portion thereof provides that such conveyance is subject to this Declaration. It is further the <br />responsibility of OCHLT to rerecord this Declaration periodically and no less often than one day <br />less than every 30 years from the date hereof for the purpose of renewing the rights of first <br />refusal in the Property or portion thereof including any leasehold interest in the Property or <br />portion thereof. The County retains the right to, periodically and every 30 years after the first <br />recording of the Ground Lease created in Exhibit C hereof, register, with the Register of Deeds of <br />Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided <br />in North Carolina General Statute § 47B-4 or any comparable preservation law in effect at the <br />13 <br />