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3 <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 <br /> EMPOWERMENT, INC , a North Carolina non-profit housing organization (hereinafter <br /> referred to as "EmPOWERment"). The effective date of this agreement is <br /> WITNESSTH <br /> WHEREAS, the Orange County HOME Consortium has designated $45,000 in FY 1999 <br /> HOME funds for the purpose of conveying these funds to assist with acquisition of two units on <br /> McMasters Street in Chapel Hill hereinafter referred to as the "Project", which property is more <br /> particularly described in Exhibit A attached hereto and made a part of this Agreement <br /> (hereinafter referred to as the "Property") ; <br /> WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br /> designated in an agreement dated August 27, 1992, and amended January 26, 1993, and July 28, <br /> 1993, and as such is the lead entity in a representative capacity for all members of the Orange <br /> HOME Consortium for the purposes of carrying out the HOME Program in accordance wit the <br /> Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 <br /> U.S.C. 3535(d) et. seq.) (hereinafter referred to as the "Act"), and as further defined in the <br /> Federal Program Requirements provided by the U.S. Department of Housing and Urban <br /> Development; and <br /> WHEREAS, EmPOWERment intends to purchase two rental units located at 316 <br /> McMasters Street in Chapel Hill (herein after referred to as the "Property"), and described in <br /> EXHIBIT A attached hereto and incorporated herein; and <br /> WHEREAS, EmPOWERment intends to rehabilitate these units and make them <br /> available for rent to families earning up to 80% of HUD area median income; and <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 /> a. EmPOWERment shall acquire the dwelling units defined in the Project, obtain <br /> all permits and licenses necessary to rehabilitate the units in the Project, and <br /> comply with applicable building and zoning ordinances as well as Section 8 <br /> Housing Quality Standards (HQS). <br /> b. EmPOWERment shall make certain that the seller is aware of their rights <br /> under the federal Uniform Relocation Act prior to completing the sale of the <br /> property. The seller must also complete a Lead Based Paint Disclosure Form. <br />