Common use of Agreement to Assume the Obligations of the Covenant Clause in Contracts

Agreement to Assume the Obligations of the Covenant. The grant deed or other document effectuating the conveyance of the Affordable Unit shall include for the duration of the Affordability Period the following: (A) references to the Affordable Housing Covenant and the obligation of the Qualified Purchaser to be bound by all the obligations set forth in the Affordable Housing Covenant, (B) references to the Affordable Housing Deed of Trust, the Affordable Housing Option Agreement, and the Reimbursement Agreement (all as defined in the Affordable Housing Covenant), and (C) a covenant that will require the Qualified Purchaser, and any successor or assign, to include in any document transferring any interest in the Affordable Unit a reference to the Affordable Housing Covenant, the Affordable Housing Deed of Trust, the Affordable Housing Option Agreement, the Reimbursement Agreement, and the obligation of the Transferee to be bound by the obligations set forth in the Affordable Housing Covenant, the Affordable Housing Deed of Trust, the Affordable Housing Option Agreement and the Reimbursement Agreement.

Agreement to Assume the Obligations of the Covenant. The grant deed or other document effectuating the conveyance of the each For Sale Affordable Unit shall include for the duration of the Total Affordability Period Term the following: (Ai) references to the Affordable Housing Covenant and the obligation of the Qualified Purchaser to be bound by all the obligations set forth in the Affordable Housing Covenant, (Bii) references to the Affordable Housing Deed of Trust, the Affordable Housing Option Agreement, and the Reimbursement Agreement (all as defined in the Affordable Housing Covenant), and (Ciii) a covenant that will require the Qualified Purchaser, and any successor or assign, to include in any document transferring any interest in the For Sale Affordable Unit a reference to the Affordable Housing Covenant, the Affordable Housing Deed of Trust, the Affordable Housing Option Agreement, the Reimbursement Agreement, and the obligation of the Transferee transferee to be bound by the obligations set forth in the Affordable Housing Covenant, the Affordable Housing Deed of Trust, the Affordable Housing Option Agreement Agreement, and the Reimbursement Agreement.