HomeMy WebLinkAbout2016-674 Housing - Community Home Trust - Termination of Declaration of Restrictive Covenants ��t5 in
Prepared by: Annette Moore,Esquire,Orange County Staff Attorney,P.O.Box 8181,Hillsborough,NC 27278
After recording return to:
TERMINATION OF DECLARATION OF RESTRICTIVE COVENANTS
WHEREAS, Community Home Trust, a successor in interest to Or Community
Housing and Land Trust, a North Carolina non-profit housing organization and land trust
("Owner") in June 2000 purchased property located at 305 Pleasant Drive in Carrboro, North
Carolina hereinafter referred to as "the Property"; and
WHEREAS, Owner in in July 2002 requested that Orange County, a local political
subdivision of the State of North Carolina, ("County") reallocated Thirty Thousand Dollars of
Orange County Housing Trust Fund to Owner in the form of a grant for the purpose of
rehabilitation of the Property so they could sell it to a first-time homebuyer earning less than
80% of the HUD area median income; and
WHEREAS, the County granted Owner's request and the Parties entered into a
Development Agreement, dated November 6, 2002, which as a condition precedent to receipt of
the funds, the Owner was required to place on the Property a 99 year period of affordability
secured by a Ground Lease with restrictions to ensure further compliance and further secured it
with a Declaration of Restrictive Covenants making the County a third party beneficiary and
successor to the long term affordability remedies in the Ground Lease in the event of a failure of
or inability of Owner to enforce the long term affordability remedies in the Ground Lease; and
WHEREAS, the Owner, as required by the Development Agreement, placed a
Declaration of Restrictive Covenants ("Declaration") recorded at Book 2916, Page 531 in the
Orange County Registry, and more particularly described in Exhibit A, which is attached and
incorporated herein, on the Property; and
WHEREAS, the Owner has repurchased the Property and has determined that they do
not have the funds for the extensive renovation required to return the property to a standard
suitable for conveying the Property to a low income buyer; and
WHEREAS, Owner is now requesting that Orange County terminate the Declaration of
Restrictive Covenants so that they can sell the Property out of the low income housing
affordability portfolio and return the funds invested to the County to be reused for other
affordable housing projects; and
WHEREAS on November 15, 2016 the Orange County Board of Commissioners, at a
duly noticed meeting, approved the termination of the Declaration of Restrictive Covenants so
that the Property can be sold and County funds invested in the property returned to the County to
be reused for other County affordable housing projects.
NOW, THEREFORE for good and valuable consideration, the receipt of which is
acknowledged, the County hereby agrees that the Declaration of Restrictive Covenants recorded
at Book 2916, Page 531 in the Orange County Registry is terminated and each term, condition
and provision shall have no effect after the effective date of this termination. I request that this
Termination of Declaration of Restrictive Covenants be recorded and the above-referenced
Declaration of Restrictive Covenants be canceled.
SIGNATURE PAGE TO FOLLOW
Exhibit A
EXHIBIT A-Property Description
Beginning at an existing iron in the southwestern corner of the intersection of
Pleasant Drive and Crest Street thence along the right-of-way of Pleasant Drive
South 44 degrees 14'05"West 52 40 feet to iron stake,a control corner,thence along
the line of the Fitch Lands North 45 degrees 39'00"West 15230 feet to a point
thence a new line North 43 degrees 14'24"East 5166 feet to a point in the fight-of-
way of Crest Street thence along the margin of the right-of-way of Crest Street South
46 degrees 55' 35"East 153 21 feet to the point and place of BEGINNING and being
7,947 square feet according to the survey entitled"Property of Mark A. Roffman and
Maureen A.Driscoll"prepared by Dale D Faulkner,RLS,June 7, 1994,
Also,BEING ALL of Lot 2 of the property of TIMOTHY N GALI.IHER and
ANITA S. GALLIHER according to that certain plat and survey thereof as recorded
in Plat Book 49,Page 168,Orange County registry.
PLN#: 9778-99.1075
TM#: 7.94.A.9A
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have set
their hands on this the Z 3 day of 201 .
ORANGE COUNTY, NORTH CAROLINA
Earl McKee, Chair
Orange County Board of Commissioners
ATTEST: -:--D-A
Deputy/Clerk to the Board of Comm' �}
NORTH CAROLINA 4 �2
ORANGE COUNTY V
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I, , a Notary Public of the County and Stat
that D� j 4 personally came before me this day and acknow e ged that
s/he is Deputy/Clerk to the Board of Commissioners for Orange County, North Carolina and that
by authority duly given and as the act of said County, the foregoing instrument was signed in its
name by Earl McKee, the Chair Orange County Board of Commissioners, and attested by the
Deputy/Clerk to said Board of Commissioners.
Witness my hand and official stamp or seal,this the day of , 20&.
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N��ic
North�Ma Notary Public
Commission ExgM
My commission expires:
This document has been legally reviewed by:
COMMUNITY HOME TRUST, INC
l`Ge— President
NORTH CAROLINA
ORANGE COUNTY
I, Donn L S . �� , Notary Public in and for the abov naxn d County and
State, do hereby certify that o this day personally appeared before me wit
whom I am personally acquainted, who, being by me duly sworn, says that he is
of Community Home Trust, Inc, a North Carolina corporation, and that by authority duly given
and as the act of the corporation, the foregoing instrument was signed by him on behalf of the
corporation.
Witness my hand and notarial seal, this the day of b V 20
A d6h�UCL
Notary Publ'
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My commission expires: � � ' '� � U�biin
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