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• applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy <br />Standards. <br />b. Habitat shall sell the newly constructed dwelling units to qualified buyers whose <br />income up to 80% of the area median household income by family size, as determined by <br />the U.S. Department of Housing and Urban Development at the time of the sale. <br />c. The period of affordability will be 99 years and will be secured by a Declaration <br />of Restrictive Covenants that will incorporate a right of first refusal theft may be exercised <br />by Habitat and/or Orange County. <br />d. Habitat is responsible for soliciting buyers for the dwelling units constructed on <br />the Property. Habitat and/or its buyers shall be responsible for securing permanent <br />mortgage financing for the homes on the Property. <br />e. Habitat is responsible for verifying the income of the homebuyers, explaining the <br />second mortgage program to potential homebuyers and certifying by written <br />documentation signed by the homebuyer that the program requirements have been fully <br />explained. Habitat shall maintain purchaser files as part of its Books and Records as <br />required and for the period of time required by Section 6.c. of this Agreement. <br />• 2. Progress Payments. The County shall make progress payments, when requested by <br />Habitat, as the work progresses. Payments shall be based upon work completed and <br />approved by the County. Payment requests shall be accompanied by copies of <br />documentation for actual expenses. Request amounts shall be verified by County for <br />satisfactory completion prior to payment. <br />3. Time for Commencement and Completion. Habitat for Humanity of Orange County, <br />NC, Inc. must initiate the project within five years of funding award or by May 1, 2013. <br />Project initiation is defined as the acquisition of one or more building permits. Habitat <br />will be responsible for providing a progress. report to the Board of County <br />Commissioners within three years of funding award or May 1, 2011 and every year <br />thereafter until project completion. Habitat agrees to furnish to the County a copy of its <br />annual audit, performed by a certified public accountant within 90 days of the end of <br />each fiscal year until the Project is complete. <br />The project completion date is the closing date of the purchase by a qualified buyer of the <br />last of the 13 units to be constructed for first time homebuyers. In the event that Habitat <br />is unable to proceed with any aspect. of the project in a timely manner, and County and <br />Habitat determine that reasonable extension(s) for completion will not remedy the <br />situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) <br />shall pertain. Habitat may, at its option, submit a written request for an extension of the <br />completion date for County approval. The County may, at its option, approve any <br />extension of the completion date or declare Habitat in default. <br />r~ <br />2 <br />