Common use of Deed Restriction Clause in Contracts

Deed Restriction. Purchaser acknowledges and agrees that the Project is a deed- restricted housing project that is a partnership with the Town. The Unit will be subject to a deed restriction in the form attached hereto as Exhibit C (the “Deed Restriction”) limiting its occupancy and ownership in accordance with the terms thereof. Purchaser represents and warrants to Seller that Purchaser has reviewed the Deed Restriction and is qualified to purchase and own the Unit under the terms thereof. Purchaser is required to execute and deliver to Seller at Closing an affidavit affirming to the Town that Purchaser meets the requirements to purchase and own the Unit; if Purchaser does not meet such requirements, Seller is required, and has the right, to terminate this Agreement. If the Seller determines that Purchaser met the requirements of the Deed Restriction at the time this Agreement was executed but no longer meets the terms of the Deed Restriction at Closing through no fault of their own, the Xxxxxxx Money will be returned to to Purchaser; otherwise, the Xxxxxxx Money will be retained by Seller as its sole and exclusive remedy hereunder.

Deed Restriction. Purchaser acknowledges and agrees that the Project is a deed- restricted affordable housing project that is a partnership with the Town. The Unit will be subject to a deed restriction in the form attached hereto as Exhibit C D (the “Deed Restriction”) limiting its occupancy and ownership in accordance with the terms thereof. The buyer will sign an acknowledgement of the deed restriction at closing. Purchaser represents and warrants to Seller that Purchaser has reviewed the Deed Restriction and is qualified to purchase and own the Unit under the terms thereof. Purchaser is required to execute and deliver to Seller at Closing an affidavit affirming to the Town that Purchaser meets the requirements to purchase and own the Unit; if Purchaser does not meet such requirements, Seller is required, and has the right, to terminate this Agreement. If the Seller determines that Purchaser met the requirements of the Deed Restriction at the time this Agreement was executed but no longer meets the terms of the Deed Restriction at Closing through no fault of their own, the Xxxxxxx Money will be returned to to Purchaser; otherwise, the Xxxxxxx Money will be retained by Seller as its sole and exclusive remedy hereunder.