Orange County NC Website
Browse       Search
Property to register, with the Register of Deeds of Orange County, a notice of <br />preservation of the Restrictive Covenants on the Property as provided in North Cazolina <br />General Statute § 47B-4 or any compazable preservation law in effect at the time of the <br />recording of the notice of preservation. It is the intent of this Section of this Agreement <br />that the 99 year affordability requirement contained herein be accomplished and that <br />OCHLT and the County will do what is necessary to ensure that the same is not <br />extinguished by N.C. Gen. Stat. § 41-29 or any compazable law purporting to extinguish, <br />by the passage of time, preemptive rights in the Property and by the Real Property <br />Marketable Title Act or any compazable law purporting to extinguish, by the passage of <br />time, non possessory interests in real properly. Both OCHLT and County agree to do <br />what each must do to accomplish the 99-yeaz affordability requirement. <br />9. Resale Provisions. OCHI,T shall assure compliance with affordability of dwelling unit <br />through the Declaration of Restrictive Covenants and the Ground Lease. <br />10. 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 dwelling units purchased under this <br />Agreement. It is the County's intention that the full public benefit of the Project shall be <br />completed under the auspices of OCHLT for the assisted units as follows: <br />i. In the event that OCHLT is unable to proceed with any aspect of the Project in a <br />timely manner, and County and OCHLT determine that reasonable extension(s) for <br />completion will not remedy the situation, then OCHLT will retain responsibility for <br />requirements for any dwelling units assisted and County will make no further <br />payments to OCHLT. <br />ii. In the event that OCHLT, prior to the contract completion date, is unable to continue <br />to function due to, but, not limited to, dissolution or insolvency of the organization, <br />its filing a petition for bankruptcy or similaz proceedings, or is adjudged bankrupt or <br />fails to comply or perform with provisions of this agreement, then OCHLT shall, <br />upon the County's request, convey to the County the Property assisted with funds. <br />Conveyance shall be at the sole discretion of County and on a dwelling unit by <br />dwelling unit basis. <br />Conveyance shall be on the terms set forth herein: <br />Conveyance shall occur within thirty (30) days of County and OCHLT' agreement of <br />OCHI.T' inability to continue as a viable organization. OCHLT shall convey the <br />Property to the County by general warranty deed, free and clear of all liens and <br />encumbrances of record except those which create a beneficial interest in County <br />(Declazation of Restrictive Covenants) and any other agreed to by County in writing. <br />4 <br />