Common use of Deed Restrictions Clause in Contracts

Deed Restrictions. Attainable Units will be subject to permanent deed restrictions or other binding affordability restrictions that run with the land and require transfer of the Attainable Units to another income qualified household for a maximum sales price in a form agreed upon by the City of Flagstaff Housing Director or designee (“Deed Restrictions”). Prior to the conveyance of an Attainable Unit from Developer to a third party purchaser (“Initial Sale”), Deed Restrictions for the particular Attainable Unit incorporating the requirements of this Agreement and will be recorded by Developer in the official records of Coconino County.

Deed Restrictions. Attainable Affordable Units will be subject to permanent deed restrictions or other binding affordability restrictions that run with the land and require transfer of the Attainable Affordable Units to another income qualified household for a maximum sales price in a form agreed upon by the City of Flagstaff Housing Director or designee (“Deed Restrictions”). Prior to the conveyance of an Attainable Affordable Unit from Developer to a third party purchaser (“Initial Sale”)purchaser, Deed Restrictions for the particular Attainable Affordable Unit incorporating the requirements of this Agreement will be approved by the Director of the City of Flagstaff Housing Section and will be recorded by Developer in the official records of Coconino County.