Declaration of Deed Restrictions between Orange Community Housing Corporation and Orange County

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PREPARED BY AND RETURN TO: Robert 0. Belo, Atty. P.O. Box 51579 Durham, NC 27717-1579 NORTH CAROLINA ORANGE COUNTY DECLARATION OF DEED RESTRICTIONS THIS DECLARATION OF DEED RESTRICTIONS (this "Declaration"), made and entered into as of March 24, 1994 by and between Orange Community Housing Corporation (the "Owner") and Orange County (the "Lender"). WITNESSETH In consideration of the mutual covenants and understandings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Owner and the Lender hereby agree as follows: Section 1. Definitions and Interpretation. The following terms shall have the respective meanings set forth below: "Deed of Trust" means the mortgage or deed of trust that secures the Mortgage Loan and constitutes a lien on a fee simple interest in the Development and the Land. "Development" means the residential housing unit(s) to be acquired, constructed or rehabilitated with the proceeds of the Mortgage Loan and to be located on the Land. "Land" means the real property described in Exhibit A attached hereto. "Mortgage Loan" means the loan made to the Owner by the Lender to finance the acquisition, construction or rehabilitation of the Development. "Note" means the instrument that contains the promise of the Owner to pay the sum of money stated therein at the time stated therein and that evidences the obligation of the Owner to repay the Mortgage Loan. "Period of Affordability" means the period beginning on (i) the day on which the Project is acquired by Owner where no Mortgage Loan funds are earmarked for construction or rehabilitation, or (ii) the date of Project completion (as evidenced by a "Certificate of Compliance" issued by the appropriate governmental authority) where all or a portion of the Mortgage Loan funds are earmarked for construction or rehabilitation (the "Commencement Date") and ending on the date that is 20 years after the Commencement Date. "Regulations" means the rules and regulations promulgated by the Department of Housing and Urban Development in 24 CFR Part 92. "State" means State of North Carolina. Unless the context clearly requires otherwise, as used in this Agreement, words of the masculine, feminine, or neuter gender shall be construed to include any other gender when appropriate and words of the singular number shall be construed to include the plural number, and vice versa, when appropriate. This Agreement and all the terms