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Orange County retains the right to, periodically and every 30 years after the first <br />recording of the Declazation of Restrictive Covenants on the Property to register, with <br />the Register of Deeds of Orange County, a notice of preservation of the Restrictive <br />Covenants on the Property as provided in North Carolina General Statute § 47B-4 or any <br />comparable preservation law in effect at the time of the recording of the notice of <br />preservation. It is the intent of this Agreement that the 99 year duration of this <br />Declazation of Restrictive Covenants be accomplished and that any future owner of the <br />Property, CASA, and Orange County will do what is necessary to ensure that the same is <br />not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to <br />extinguish, by the passage of time, preemptive rights in the Property and by the Real <br />Property Marketable Title Act or any comparable law purporting to extinguish, by the <br />passage of time, non possessory interests in real property. Any future owner, CASA and <br />Orange County agree to do what each must do to accomplish the 99-year duration of this <br />Declaration of Restrictive Covenants. <br />3. Resale Provisions. CASA shall assure compliance with affordability of each of the <br />Project dwelling units through the Declaration of Restrictive Covenants. The Declaration <br />of Restrictive Covenants shall include at least the following elements in their resale <br />provisions for the Improvements: <br />3.1 When and if CASA no longer uses the Property as rental property or is unable to <br />continue ownership, then CASA must sell, transfer, or otherwise dispose of its <br />interest in the Property only to an agency with similar interest in affordable <br />housing and serving families with incomes not exceeding 50% 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. The non-profit fund, <br />foundation, or corporation of like purposes must have established its tax-exempt <br />status under Section 501 (c)(3) of the Internal Revenue Code. <br />3.2 However, if the Property is sold, transferred, or otherwise disposed of to other <br />than an agency with similar interest in affordable housing during the term of <br />affordability, 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, and (2) the unpaid principal amount of the initial <br />County contribution and any other initial government contribution secured by a <br />deferred payment promissory note and deed of trust) or "equity" will be divided <br />50/50 by the seller of the Property and the County. <br />3.3 The resale provision shall remain in effect for the full affordability period - 99 <br />years. <br />4. 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 Project dwelling units. It is the County's <br />intention that the full public benefit of the Project shall be completed under the auspices of <br />CASA for the assisted units as follows: <br />3 <br />