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time of the recording of the notice of preservation. It is the intent of this Section 3 of this <br />Declaration that the 99 year duration of this Declaration of Restrictive Covenants be <br />accomplished and that any future owner of the Property, OCHLT and Orange County will do <br />what is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any <br />comparable law purporting to extinguish, by the passage of time, preemptive rights in the <br />Property and by the Real Property Marketable Title Act or any comparable law purporting to <br />extinguish, by the passage of time, non possessory interests in real property. Any future owner of <br />the Property, OCHLT and Orange County will to do what each must do to accomplish the 99 year <br />duration of this Declaration of Restrictive Covenants. <br />SECTION 4 ENFORCEMENT OF AFFORDABLE HOUSING REQUIREMENTS <br />a. At the time of resale of the project dwelling unit, OCHLT will convey a housing unit to <br />qualified homebuyer. Each housing unit will consist of a 99 year Ground Lease (renewable for an <br />additiona199 years) to the project dwelling unit. The Ground Lease, the form of which is Exhibit <br />C hereto, provides for the long term affordability (at least 99 years) of the housing unit and <br />provides remedies to insure the long term affordability of the housing unit. OCHLT hereby <br />declares and covenants, on behalf of itself and all future owners of the Property, that, during the <br />term of this Declaration, the County is a third party beneficiary of and successor to each and <br />every remedy intended to insure the long term affordability of the housing unit that is provided <br />for in the Ground Lease and may, in the event of the failure or default of the Lessor in the <br />Ground Lease to insure the long term affordability of the housing unit as provided for in the <br />Ground Lease, exercise all rights and remedies available to the Lessor in the Ground Lease for <br />that purpose. <br />b. OCHLT covenants that it will not knowingly take or permit any action that would result <br />in a violation of the affordability requirements of the GRANT AGREEMENT. Orange County, <br />together with any future owner of the Property may execute and record any amendment or <br />modification of this Declaration necessary to insure the successful completion of the Project and <br />the long term affordability (at least 99 years) of the housing units on the Property and such <br />amendment or modification shall, to the extent permitted by law, either relate back to the date of <br />recording of this Declaration or not as necessary to carry out the intent of this Declaration, and be <br />binding on third parties granted rights under this Declaration. OCHLT expressly covenants and <br />agrees to rerecord this Declaration periodically and no less often than one day less than every 30 <br />years from the date hereof for the purpose of renewing the Lessor's option to purchase and right <br />of first refusal, that are contained in the Exhibit C Ground Lease, in the Property or portion <br />thereof including any leasehold interest in the Property or portion thereof. <br />c. OCHLT acknowledges that the primary purpose for requiring compliance by OCHLT <br />with restrictions provided in this Declaration is to assure compliance with the long term <br />affordability requirements of the HOME INVESTMENT PARTNERSHIP PROGRAM, AND <br />BY REASON THEREOF, OCHLT, IN CONSIDERATION FOR RECEIVING HOME <br />INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR THE PROPERTY, HEREBY <br />AGREES AND .CONSENTS THAT THE COUNTY SHALL BE ENTITLED, FOR ANY <br />BREACH OF THE PROVISIONS HEREIN, AND IN ADDITION TO ALL OTHER <br />14 <br />