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9,~ ens-/,/~,a <br />yd <br />• NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Carolina, (hereinafter referred to as the "County") and Habitat for <br />Humanity of Orange County, NC, Inc., a North Carolina non-profit ho~ising organization <br />(herei fter referred to as "Habitat"). The effective date of this agreement is <br />WITNESSTH <br />WHEREAS, the County, in the implementation of the Orange County Affordable <br />Housing Bond Program solicited applications for funding from interested non-profit <br />organizations; and <br />WHEREAS, Habitat submitted an application for Housing Bond funding on March 13, <br />2008 for $182,000 in the form of a grant for property acquisition for future housing <br />development, which is hereby incorporated into this Agreement, and hereafter, refer ed to as <br />"The Project". A copy of the application and amendments are on file in the office of the <br />• Housing and Community Development Department; and <br />WHEREAS, the Board of County Commissioners approved the Housing Bond <br />application on May 1, 2008 approving $182,000 for the Project; and <br />WHEREAS, Habitat intends to purchase thirteen (13) lots in the Highland Woods <br />subdivision in the Northern Fairview Community in the Town of Hillsborough (herein after <br />referred to as the "Property"), and described in EXHIBIT A attached hereto and incorporated <br />herein; and <br />WHEREAS, Habitat intends to construct a thirteen (13) new single-family dwellings on <br />the Property all to be sold to first-time homebuyers earning up to 60% of HUD area median <br />income; and <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />low income household that has not owned a home within the past three (3) years including <br />households living in manufactured housing not permanently affixed to a foundation, or owner- <br />occupants of homes not feasible for rehabilitation. <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />1. a. Habitat shall construct l3 new dwelling units defined in the Project, obtain all <br />permits and licenses necessary to construct the homes on the Property, and comply with <br />• <br />