HomeMy WebLinkAbout1996 NS Housing - HOME Program Development Agreement Amendment The Magnolia Place Subdivision 4
NORTH CAROLINA AMENDMENT#1
ORANGE COUNTY DEVELOPMENT AGREEMENT
This is an AGREEMENT AMENDMENT between ORANGE COUNTY, a general local
governmental unit of the State of North Carolina, (hereinafter referred to as'the "County")
and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit
corporation (hereinafter referred to as"OCHC"). The date of this Agreement Amendment is
August 5, 1996.
WITNESSETH
WHEREAS, the Orange HOME Consortium was awarded $200,000 in July 1993, for
the purpose of conveying these funds to OCHC to develop Magnolia Place subdivision, and
WHEREAS, the County is the lead entity of the Orange HOME Consortium, so
designated in an agreement dated August 27, 1992, and amended January 26, 1993, and
July 28, 1993 and as such shall act as the lead entity in a representative capacity for all
members of the Orange HOME Consortium for the purposes of carrying out the HOME
Program in accordance with the Title II of the Cranston-Gonzalez National Affordable
Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. se q.) (hereinafter referred to as the
"Act"), and as further defined in the State Program Requirements for funding provided
directly by the State; and
WHEREAS, the County, as Lead Entity, entered into a Development Agreement with
the Orange Community Housing Corporation for Magnolia Place on or about March 15,
1994;
NOW, THEREFORE, the County and Orange Community Housing Corporation agree
that Paragraphs 3, 5 and 7 of the Agreement is amended to read as follows:
3. OCHC agrees to sell and construct 42 single-family housing units on the Property. All
units will be sold to low and moderate income persons. The HOME funds provided to
OCHC pursuant to this contract shall be targeted to a minimum of twelve (12) of the 42
units, none of which twelve (12) targeted units shall be the same as the twenty (20)
units targeted with the $247,050 CDBG grant referenced in paragraph number 1 of this
Agreement.
5. OCHC shall then market and sell the lots, construct homes for the selected buyers, and
complete the sale of the homes on the targeted three lots by June 30, 1997.
7. At the dosing of the sale to a homebuyer of two of the targeted lots, OCHC shall repay
the County $10,000. For the remaining ten (10) lots, OCHC shall repay the County a
maximum of $20,000 in the form of a credit to the homebuyer. The credit to the
homebuyer shall be documented by a promissory note from the homebuyer to the
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County which note shall be secured by a Deed of Trust on the property naming the
County as beneficiary. The County shall provide a release deed to OCHC at the
closing of each sale to a homebuyer, releasing the parcel to be sold from further
obligation under the master note and deed of trust between OCHC and the County.
The County agrees to subordinate its mortgage on each home to a first lien private
mortgage acquired by the buyer. The promissory notes and deeds of trust shall be
substantially in the form of Exhibit B to this Agreement. The period of affordability for
HOME funds in accordance with the Act, its regulations and State Program
Requirements shall be 20 years from the date of execution of this Agreement. The
default rate shall be 7% per annum.
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have set their
hands and seals on the day and year first above written.
COUNTY OF ORANGE, NORTH CAROLINA
(SEAL)
Moses Carey, Jr., Chairman
Orange County Board of Commissioners
ATTEST:
Beverly A Blythe
Clerk to the Board of Commissioners
NORTH CAROLINA
ORANGE COUNTY
This is to certify that on this day personally came before me Beverly A Blythe, with
whom I am personally acquainted, and being by me duly sworn, says that Moses Carey, Jr.,
is the Chairman of the Orange County Board of Commissioners, and that she the said
Beverly A Blythe, is the Clerk to the Board of Commissioners of the County of Orange, the
body politic and corporate named within and.which executed the foregoing instrument; that
she knows the common seal of said County; that the seal affixed to said instrument is said
common seal; that the name of Orange County was subscribed thereto by the said
Chairman of the Orange County Board of Commissioners and that the said Chairman of the
Orange County Board of Commissioners and said Beverly A Blythe subscribed their
names hereto and said common seal was affixed, all by order of the Board of County
Commissioners of Orange County and that said instrument is the act and deed of Orange
County.
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Witness my hand and notarial seal, this the day of
1996.
Notary Public
My commission expires:
ORANGE COMMUNITY HOUSING CORPORATION
(SEA-)
Keith D. Cook, Chair
Board of Directors
ATTEST:
Secretary
Board of Directors
NORTH CAROLINA
ORANGE COUNTY
I, . Notary Public in and for the above named
County and State, do hereby certify that on this day personally appeared before me
, with whom I am personally acquainted, who, being by me duly
sworn, says at he/she is Secretary and that Keith D. Cook is Chair of the Board of Directors
of Orange Community Housing Corporation, a North Carolina corporation, and that by
authority duly given and as the act of the corporation, the foregoing instrument was signed
in its name by its President, sealed with its corporate seal and attested to by its Secretary.
Witness my hand and notarial seal, this the day of
1996.
Notary Public
My commission expires:
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