Agreements Signed Under HRS Section 514B. 98 of the Condominium Property Act. Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-occupants. Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act. Pursuant to the Condominium Property Act, the Seller will use a public lottery system to determine the order in which prospective owner-occupant purchasers would be given an opportunity to select one of the designated residential units. From the date of the first published announcement until five calendar days after the last published announcement, the Seller’s real estate broker shall compile and maintain a list of all prospective owner-occupant purchasers who have submitted to the Seller or the Seller’s real estate broker a duly executed owner-occupant affidavit. All prospective owner-occupant purchasers on this list shall be included in the public lottery which shall be conducted on the date, time, and location as set forth in the published announcement. The public lottery shall be conducted without regard to the order in which the owner-occupant affidavits were submitted. After the public lottery, each prospective owner-occupant purchaser, in the order in which they are selected in the lottery, shall be given the opportunity to select one of the designated residential units, execute a sales contract, and submit an xxxxxxx money deposit in the amount designated by Seller. Those prospective owner-occupant purchasers selected in the lottery who did not have the opportunity to select one of the designated units but who submitted an xxxxxxx money deposit in the amount designated by the Seller shall be placed on a back-up reservation list in the order in which they were designated in the public lottery. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Xxxxx shall execute an owner-occupant affidavit. The Buyer’s failure, upon reasonable request of the Seller, to execute the owner-occupant affidavit shall constitute a default by Buyer under this Agreement. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Buyer will not sell or offer to sell, lease or offer to lease, rent or offer to rent, assign or offer to assign, or convey the Unit until at least 365 consecutive days have elapsed since the recordation of the Condominium Unit Deed to Buyer; provided that a person who continues in the use of the premises as the individual’s principal residence during this period may convey or transfer the Unit into a trust for estate planning purposes. Any contract or instrument entered into in violation of this paragraph shall be subject to, among other things, (a) the remedies provided in HRS Section 514B- 94(b) under the Condominium Property Act, and (b) a civil penalty of up to $10,000 or 50% of the net proceeds received or to be received by Buyer from the sale, lease, rental, assignment, or other transfer of the Unit, whichever is greater.
Appears in 11 contracts
Samples: Sales Agreement, Sales Agreement, Sales Agreement
Agreements Signed Under HRS Section 514B. 98 of the Condominium Property Act. Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-occupants. The units in the Project initially will be designated as affordable housing units and will be offered for sale only to prospective owner-occupants who also meet certain eligibility requirements as set forth in that certain Affordable Housing Agreement dated May 5, 2014 (as amended from time to time, the "AHA"), by and between the Developer and the City and County of Honolulu (the “City”), which will be administered by the Department of Planning and Permitting of the City (“DPP”). Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act. Pursuant to the Condominium Property Act, the Seller will use a public lottery system to determine the order in which prospective owner-occupant purchasers would be given an opportunity to select one of the designated residential units. From the date of the first published announcement announcement, applications will be distributed to prospective owner-occupants. From the first date that applications will be accepted until five calendar days after the last published announcement, the Seller’s real estate broker shall compile and maintain a list of all prospective owner-owner- occupant purchasers who have submitted to the Seller or the Seller’s 's real estate broker a completed and executed Affidavit of Eligibility for City-Regulated Affordable Housing Units (the “City’s Eligibility Affidavit”), a duly executed owner-occupant affidavitaffidavit and a prequalification letter (the "Completed Application"). If two or more prospective owner-occupants intend to reside jointly in the same unit, they shall submit one (1) Completed Application and only one of the prospective owner-occupants shall be entitled to enter the public lottery. Prospective owner-occupant purchasers of affordable housing units also must meet the eligibility requirements as provided in the AHA, in order to participate in the public lottery and to purchase an affordable housing unit. All eligible prospective owner-occupant purchasers on this list shall be included in the public lottery which shall be conducted on the date, time, and location as set forth in the published announcement. The public lottery shall be conducted without regard to the order in which the owner-occupant affidavits Completed Applications were submitted. At the public lottery, lottery participants will be selected and placed on a list in the order of selection. After the public lottery, each prospective owner-occupant purchaser, in the order in which they are were selected in the lottery, shall be given the opportunity to select one of a residential unit for which they qualify based upon the designated residential unitsoccupancy requirements, execute a sales contract, and submit an xxxxxxx money deposit in the amount designated by Seller. Those prospective owner-owner- occupant purchasers selected in the public lottery who did not have the opportunity to select one of the designated units but who submitted an xxxxxxx money deposit in the amount designated by the Seller shall be placed on a back-up reservation list in the order in which they were designated in the public lottery. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Xxxxx shall execute an owner-occupant affidavit. The Buyer’s failure, upon reasonable request of the Seller, to execute the owner-occupant affidavit shall constitute a default by Buyer under this Agreement. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Buyer will not sell or offer to sell, lease or offer to lease, rent or offer to rent, assign or offer to assign, or convey the Unit until at least 365 consecutive days have elapsed since the recordation of the Condominium Unit Deed to Buyer; provided that a person who continues in the use of the premises as the individual’s principal residence during this period may convey or transfer the Unit into a trust for estate planning purposes. Any contract or instrument entered into in violation of this paragraph shall be subject to, among other things, (a) the remedies provided in HRS Section 514B- 94(b514B-94(b) under the Condominium Property Act, and (b) a civil penalty of up to $10,000 or 50% of the net proceeds received or to be received by Buyer from the sale, lease, rental, assignment, or other transfer of the Unit, whichever is greater.
Appears in 2 contracts
Samples: Sales Agreement, Sales Agreement
Agreements Signed Under HRS Section 514B. 98 of the Condominium Property Act. Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-occupants. Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act. Pursuant to the Condominium Property Act, the Seller will use a public lottery chronological system to determine the order in which prospective owner-occupant purchasers would be given an opportunity to select one of the designated residential units. From For thirty (30) days from the date of the first published announcement until five calendar days after required under the last published announcementCondominium Property Act, the Seller’s real estate broker Seller shall compile and maintain a list of all offer the designated units to prospective owner-occupant purchasers who have submitted to the Seller or the Seller’s real estate broker a duly executed owner-occupant affidavit. All prospective owner-occupant purchasers on this list shall be included in the public lottery which shall be conducted on the date, time, and location as set forth in the published announcement. The public lottery shall be conducted without regard to the order in which the owner-occupant affidavits were submitted. After the public lottery, each prospective owner-occupant purchaser, chronologically in the order in which they are selected in the lotterysubmit to Seller's real estate broker, shall be given the opportunity to select one of the designated residential unitsa completed owner-occupant affidavit, execute a an executed sales contractcontract or reservation, and submit an xxxxxxx money deposit in the amount designated by Seller. Those prospective owner-occupant purchasers selected in the lottery owner- occupants who did do not have the opportunity to select one of a designated unit during the designated units but who submitted an xxxxxxx money deposit in the amount designated by the Seller 30-day period shall be placed on a back-up reservation list in the order in which they were designated in submit both a completed owner-occupant affidavit and the public lotteryxxxxxxx money deposit. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Xxxxx shall execute an owner-occupant affidavit. The Buyer’s failure, upon reasonable request of the Seller, to execute the owner-occupant affidavit shall constitute a default by Buyer under this Agreement. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Buyer will not sell or offer to sell, lease or offer to lease, rent or offer to rent, assign or offer to assign, or convey the Unit until at least 365 consecutive days have elapsed since the recordation of the Condominium Unit Deed to Buyer; provided that a person who continues in the use of the premises as the individual’s principal residence during this period may convey or transfer the Unit into a trust for estate planning purposes. Any contract or instrument entered into in violation of this paragraph shall be subject to, among other things, (a) the remedies provided in HRS Section 514B- 94(b514B-94(b) under the Condominium Property Act, and (b) a civil penalty of up to $10,000 or 50% of the net proceeds received or to be received by Buyer from the sale, lease, rental, assignment, or other transfer of the Unit, whichever is greater.. Specimen
Appears in 1 contract
Samples: Sales Agreement
Agreements Signed Under HRS Section 514B. 98 of the Condominium Property Act. Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-occupants. The units in the Project initially will be designated as affordable housing units and will be offered for sale only to prospective owner-occupants who also meet certain eligibility requirements as set forth in that certain Affordable Housing Agreement dated May 5, 2014 (as amended from time to time, the "AHA"), by and between the Developer and the City and County of Honolulu (the “City”), which will be administered by the Department of Planning and Permitting of the City (“DPP”). Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act. Pursuant to the Condominium Property Act, the Seller will use a public lottery system to determine the order in which prospective owner-occupant purchasers would be given an opportunity to select one of the designated residential units. From the date of the first published announcement announcement, applications will be distributed to prospective owner-occupants. From the first date that applications will be accepted until five calendar days after the last published announcement, the Seller’s real estate broker shall compile and maintain a list of all prospective owner-owner- occupant purchasers who have submitted to the Seller or the Seller’s 's real estate broker a completed and executed Affidavit of Eligibility for City-Regulated Affordable Housing Units (the “City’s Eligibility Affidavit”), a duly executed owner-occupant affidavitaffidavit and a prequalification letter (the "Completed Application"). If two or more prospective owner-occupants intend to reside jointly in the same unit, they shall submit one (1) Completed Application and only one of the prospective owner-occupants shall be entitled to enter the public lottery. Prospective owner-occupant purchasers of affordable housing units also must meet the eligibility requirements as provided in the AHA, in order to participate in the public lottery and to purchase an affordable housing unit. All eligible prospective owner-occupant purchasers on this list shall be included in the public lottery which shall be conducted on the date, time, and location as set forth in the published announcement. The public lottery shall be conducted without regard to the order in which the owner-occupant affidavits Completed Applications were submitted. At the public lottery, lottery participants will be selected and placed on a list in the order of selection. After the public lottery, each prospective owner-occupant purchaser, in the order in which they are were selected in the lottery, shall be given the opportunity to select one of a residential unit for which they qualify based upon the designated residential unitsoccupancy requirements, execute a sales contract, and submit an xxxxxxx money deposit in the amount designated by Seller. Those prospective owner-owner- occupant purchasers selected in the public lottery who did not have the opportunity to select one of the designated units but who submitted an xxxxxxx money deposit in the amount designated by the Seller shall be placed on a back-up reservation list in the order in which they were designated in the public lotterylottery . If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Xxxxx shall execute an owner-occupant affidavit. The Buyer’s failure, upon reasonable request of the Seller, to execute the owner-occupant affidavit shall constitute a default by Buyer under this Agreement. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Buyer will not sell or offer to sell, lease or offer to lease, rent or offer to rent, assign or offer to assign, or convey the Unit until at least 365 consecutive days have elapsed since the recordation of the Condominium Unit Deed to Buyer; provided that a person who continues in the use of the premises as the individual’s principal residence during this period may convey or transfer the Unit into a trust for estate planning purposes. Any contract or instrument entered into in violation of this paragraph shall be subject to, among other things, (a) the remedies provided in HRS Section 514B- 94(b514B-94(b) under the Condominium Property Act, and (b) a civil penalty of up to $10,000 or 50% of the net proceeds received or to be received by Buyer from the sale, lease, rental, assignment, or other transfer of the Unit, whichever is greater.
Appears in 1 contract
Samples: Sales Agreement
Agreements Signed Under HRS Section 514B. 98 of the Condominium Property Act. Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-owner- occupants. Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act. Pursuant to the Condominium Property Act, the Seller will use a public lottery system to determine the order in which prospective owner-occupant purchasers would be given an opportunity to select one of the designated residential units. From the date of the first published announcement until five calendar days after the last published announcement, the Seller’s real estate broker shall compile and maintain a list of all prospective owner-occupant purchasers who have submitted to the Seller or the Seller’s real estate broker a duly executed owner-occupant affidavit. All prospective owner-occupant purchasers on this list shall be included in the public lottery which shall be conducted on the date, time, and location as set forth in the published announcement. The public lottery shall be conducted without regard to the order in which the owner-occupant affidavits were submitted. After the public lottery, each prospective owner-occupant purchaser, in the order in which they are selected in the lottery, shall be given the opportunity to select one of the designated residential units, execute a sales contract, and submit an xxxxxxx money deposit in the amount designated by Seller. Those prospective owner-owner- occupant purchasers selected in the lottery who did not have the opportunity to select one of the designated units but who submitted an xxxxxxx money deposit in the amount designated by the Seller shall be placed on a back-up reservation list in the order in which they were designated in the public lottery. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Xxxxx shall execute an owner-occupant affidavit. The Buyer’s failure, upon reasonable request of the Seller, to execute the owner-occupant affidavit shall constitute a default by Buyer under this Agreement. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Buyer will not sell or offer to sell, lease or offer to lease, rent or offer to rent, assign or offer to assign, or convey the Unit until at least 365 consecutive days have elapsed since the recordation of the Condominium Unit Deed to Buyer; provided that a person who continues in the use of the premises as the individual’s principal residence during this period may convey or transfer the Unit into a trust for estate planning purposes. Any contract or instrument entered into in violation of this paragraph shall be subject to, among other things, (a) the remedies provided in HRS Section 514B- 94(b) under the Condominium Property Act, and (b) a civil penalty of up to $10,000 or 50% of the net proceeds received or to be received by Buyer from the sale, lease, rental, assignment, or other transfer of the Unit, whichever is greater.,
Appears in 1 contract
Samples: Sales Agreement
Agreements Signed Under HRS Section 514B. 98 of the Condominium Property Act. Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-occupants. Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act. Pursuant to the Condominium Property Act, the Seller will use a public lottery system to determine the order in which prospective owner-owner- occupant purchasers would be given an opportunity to select one of the designated residential units. From the date of the first published announcement until five calendar days after the last published announcement, the Seller’s real estate broker shall compile and maintain a list of all prospective owner-occupant purchasers who have submitted to the Seller or the Seller’s real estate broker a duly executed owner-occupant affidavit. All prospective owner-occupant purchasers on this list shall be included in the public lottery which shall be conducted on the date, time, and location as set forth in the published announcement. The public lottery shall be conducted without regard to the order in which the owner-occupant affidavits were submitted. After the public lottery, each prospective owner-occupant purchaser, in the order in which they are selected in the lottery, shall be given the opportunity to select one of the designated residential units, execute a sales contract, and submit an xxxxxxx money deposit in the amount designated by Seller. Those prospective owner-occupant purchasers selected in the lottery who did not have the opportunity to select one of the designated units but who submitted an xxxxxxx money deposit in the amount designated by the Seller shall be placed on a back-up reservation list in the order in which they were designated in the public lottery. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Xxxxx shall execute an owner-occupant affidavit. The Buyer’s failure, upon reasonable request of the Seller, to execute the owner-occupant affidavit shall constitute a default by Buyer under this Agreement. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Buyer will not sell or offer to sell, lease or offer to lease, rent or offer to rent, assign or offer to assign, or convey the Unit until at least 365 consecutive days have elapsed since the recordation of the Condominium Unit Deed to Buyer; provided that a person who continues in the use of the premises as the individual’s principal residence during this period may convey or transfer the Unit into a trust for estate planning purposes. Any contract or instrument entered into in violation of this paragraph shall be subject to, among other things, (a) the remedies provided in HRS Section 514B- 94(b514B-94(b) under the Condominium Property Act, and (b) a civil penalty of up to $10,000 or 50% of the net proceeds received or to be received by Buyer from the sale, lease, rental, assignment, or other transfer of the Unit, whichever is greater.. SPECIMEN
Appears in 1 contract
Samples: Sales Agreement
