S Grant - Orange Community Housing and Land Trust Inc

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Exhibit A Prepared by and return to: Geoffrey E. Gledhill, P.O. Drawer 1529, Hillsborough, NC 27278 DECLARATION OF RESTRICTIVE COVENANTS • THIS DECLARATION OF RESTRICTIVE COVENANTS (Declazation), dated by Orange Community Housing and Land Trust, Inc, and its successors and assigns (Owner), is given as a condition precedent to the awazd of Orange County Housing Bond funds by Orange County, North Cazolina, 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 Boazd of County Commissioners has designated $100,000 in Orange County Affordable Housing Bond funds for the purpose of acquiring a housing unit located at 113 Milton Avenue in Chapel Hill and hereafter referred to as the "Property", "Project" or the "project dwelling unit", depending on the context; and WHEREAS, OCHLT intends to acquire and lease the project dwelling unit and thereafter demolish the dwelling unit and replace it with another unit for sale to a qualified buyer, as described herein, to families earning up to 80% of HUD azea median income as described in the OCHLT Bond Program Application dated February 28, 2008 which Application is incorporated by reference into this Agreement. The February 28, 2008 Bond Program Application is on file in the office of the Orange County Department of Housing and Community Development. • WHEREAS, as particularly described herein, the Property will be held by OCHLT, ensuring affordability of the project dwelling unit for at least 99 yeazs; and 11