COVENANT REGARDING USE AND SALE OF UNIT Sample Clauses

COVENANT REGARDING USE AND SALE OF UNIT. For the Affordability Period, the Affordable Unit shall be owned and occupied as the principal residence of a Very Low Income Household. Homeowner covenants and agrees that, during the Affordability Period, each subsequent Transfer of the Affordable Unit by the then-Homeowner shall be to a Very Low Income Household at a purchase price that does not exceed the Affordable Housing Cost. Homeowner further covenants and agrees that, during the Affordability Period, Homeowner shall abide by and be bound by all the obligations of Homeowner set forth in this Covenant. HOMEOWNER, AND EACH SUCCESSOR, HEIR OR ASSIGN OF HOMEOWNER, UNDERSTANDS THAT THE DETERMINATION OF THE AFFORDABLE HOUSING COST CAN BE MADE ONLY AT THE TIME OF A PROPOSED SALE OR OTHER TRANSFER OF THE AFFORDABLE UNIT, TAKING INTO CONSIDERATION PREVAILING INTEREST RATES, THE OFFERED TERMS OF SALE, THE ECONOMIC CIRCUMSTANCES OF THE PROPOSED PURCHASER AND OTHER FACTORS THAT CANNOT BE ACCURATELY PREDICTED, AND THAT THE TRANSFER PRICE PERMITTED HEREUNDER MAY BE LESS THAN THE FAIR MARKET VALUE OF THE SAME OR OTHER SIMILAR REAL PROPERTY WHICH IS NOT ENCUMBERED BY THIS COVENANT. HOMEOWNER, AND EACH SUCCESSOR, HEIR OR ASSIGN OF HOMEOWNER, FURTHER ACKNOWLEDGES THAT AT ALL TIMES IN SETTING THE TRANSFER PRICE, THE PRIMARY OBJECTIVE OF THE CITY AND THIS COVENANT IS TO PROVIDE HOUSING TO VERY LOW INCOME HOUSEHOLDS AT AN AFFORDABLE HOUSING COST. Homeowner's Initials 3. HOMEOWNER'S REPRESENTATIONS AND WARRANTIES AS TO THE SALE OF THE UNIT TO HOMEOWNER. Homeowner represents and warrants to the City and Owner that the financial and other information which Homeowner has provided to the City with respect to Homeowner's income and the purchase price of the Affordable Unit was true and correct at the time such information was provided, and remains true and correct as of the date of this Covenant.
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Related to COVENANT REGARDING USE AND SALE OF UNIT

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  • Purchase and Sale of Property Subject to and in accordance with the ----------------------------- terms and provisions of this Agreement, Seller hereby agrees to sell to Purchaser and Purchaser hereby agrees to purchase from Seller, the Property, which term "Property" shall mean and include the following:

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  • Confidentiality and Safeguarding Information 1. Each Party may have access to confidential information made available by the other. The provisions of the Florida Public Records Act, Chapter 119, F.S., and other applicable state and federal laws will govern disclosure of any confidential information received by the State of Florida.

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