Maximum Resale Price Sample Clauses

Maximum Resale Price. The Maximum Resale Price shall be calculated by CLT and shall be the lesser of either the Index Price or the Appraisal Price, as defined in Sections 10.5 and 10.6 below. The Residential Unit may not be sold for a purchase price in excess of the Maximum Resale Price. In the event such Maximum Resale Price is less than the Mortgage Price, the Lessee shall remain solely liable for any deficiency under the Permitted Mortgage. Finally, to ensure that the sales price of any Residential Unit is limited to the Maximum Resale Price (as it may be adjusted), no purchaser of the Residential Unit shall assume any obligation of a selling owner, nor shall such purchaser pay or provide to a selling owner any other form of consideration in connection with the sale of the Residential Unit. The calculation of the Maximum Resale Price, as made by CLT, shall be final and binding on all parties. Notwithstanding the foregoing, there is no requirement and CLT will not assure that, due to market conditions or the condition of the Improvements, the price actually paid will be the full amount of the Maximum Resale Price determined by CLT, and it may, in fact be less.

Maximum Resale Price. The maximum purchase price an Attainable Unit may be sold to a new eligible buyer will be equal to the lesser of: (1) the current appraised value of the Attainable Unit; or (2) the sum of then owner’s purchase price of the Attainable Unit plus twenty five percent (25%) of the increase in the market value of the unit when appraised as if not deed restricted (determined by subtracting the purchase price from the current appraised value) (“Maximum Resale Price”). Resale of Attainable Units will be restricted to income eligible buyers with a maximum household income at or below 125% of the AMI affordability level for Flagstaff based on then current HUD figures as adjusted for household size. In determining the Maximum Sales Price, the eligible buyers’ housing expense ratio will not exceed thirty-five percent (35%) without approval by the City of Flagstaff Housing Director or designee.

Maximum Resale Price. A. The Maximum Resale Price of the Property may not exceed the sum of: (i) the Purchase Price paid by the Owner for the Property, plus: (ii) an increase of three percent (3%) of such Purchase Price per year (prorated at the rate of 1/12 for each whole month, but not compounded annually) from the date of the Owner’s purchase of the Property to the date of the Owner’s sale of the Property; (iii) capital improvements made to the Property by the Owner (if and only if such improvements are allowed by the Town pursuant to the Guidelines); and (iv) a maximum of two percent (2.00%) of the sum of items (i), (ii), and (iii) of this Section A to provide the selling Owner with assistance in paying any sales commissions to a licensed real estate broker, attorneys’ fees, and closing costs incurred by the Owner in connection with the sale of the Property. B. Pursuant to the Guidelines, each Owner shall be responsible for ensuring that at the transfer of his or her Property, the same is clean, the appliances are in working order, and that there are no health or safety violations regarding such Property. Prior to the sale of the Property the Town is authorized to take necessary actions and incur necessary expenses for bringing the relevant Property into saleable condition. Such actions and expenses include, but are not limited to, cleaning the Property and making necessary repairs to or replacements of appliances and/or Property fixtures, such as windows, doors, cabinets, countertops, carpets, flooring and lighting fixtures, and/or correcting any health or safety violations on such Property. Expenses incurred by the Town to bring the Property into a saleable condition shall be itemized and documented by the Town and deducted from Owner’s proceeds at closing of the Transfer of such Property. C. No Owner shall permit any prospective buyer to assume any or all of the Owner’s customary closing costs. D. Nothing in this Restrictive Covenant represents or guarantees that the Property will be re-sold at an amount equal to the Maximum Resale Price. Depending upon conditions affecting the real estate market, the Property may be re-sold for less than the Maximum Resale Price.

Maximum Resale Price. The Maximum Resale Price for each Sale subsequent to the initial Sale shall be calculated in accordance with Schedule 3 attached hereto and incorporated herein. The Agency shall approve the Maximum Resale Prices for each For Sale Affordable Unit prior to the marketing and resale of such For Sale Affordable Unit. In no event shall the Maximum Resale Price exceed the amount required under HPTF program guidelines.

Maximum Resale Price. (a) The Maximum Resale Price shall be the lesser of the appraised value of the Premises at the time of resale or Two Hundred Ninety Thousand ($290,000.00) DOLLARS, as increased at the rate of 3% (three percent) per annum, not compounding, from the date of this Covenant, provided the Premises is in good repair at the time of resale (“good repair” meaning that all necessary repairs to the Premises and all fixtures therein have been made throughout the ownership of the Premises so as to keep the Premises and said fixtures in the same condition in which they are now or may hereafter be put, reasonable wear and tear (being the normal, gradual deterioration occurring due to aging and ordinary use of the Premises despite reasonable and timely maintenance and repair) only excepted), as such good repair is determined by an independent inspector, agreed upon by Owner and the Monitoring Agent, and the cost thereof borne by the Owner (in the event the Premises is not in good repair the Owner’s 3% increase per year will decrease by the cost of any necessary upgrade or repair to make the Premises in “good repair”); and provided that in no event shall the Maximum Resale Price be greater than the purchase price for which a credit-worthy Eligible Purchaser earning no more than 80 percent (80%) of the Area Median Income for a household size appropriate for the Premises could obtain mortgage financing (as such purchase price is determined by the Monitoring Agent using the same methodology then used by DHCD for its Local Initiative Program or similar comprehensive permit program). (b) There will be a resale fee of 2% subtracted from the resale price to cover costs of any marketing, income certification or lottery process. This will be paid to the Monitoring Agent as compensation for monitoring and enforcing compliance with the terms of this Covenant, including the supervision of the resale process. (c) For purposes of this Covenant, household size is determined as the number of bedrooms plus one; i.e., a two bedroom house shall be deemed appropriate for a three person household for the purposes of income eligibility and price setting; a three bedroom house shall be deemed appropriate for a four person household; a four bedroom house shall be deemed appropriate for a five person household; and a five bedroom house shall be deemed appropriate for a six person household. Nothing in this Covenant constitutes a promise, commitment or guarantee by the AHC or the Monitoring Agent th...

Maximum Resale Price. A. The Maximum Resale Price of a Property shall be no greater than the sum of: i. The Original Purchase Price paid by the Owner when the Owner acquired ownership of the Unit; 1 For example: Using 2022 AMI numbers, a two-bedroom unit designated for 100% AMI would use the three- person income limit ($92,100). $92,100 ÷ 12 = $7,7675. $7,675 x .3 = $2,303. $2,303 - $450 = $1,853. With a 5% downpayment and assuming a 6.13% interest rate, the maximum loan amount $1,853 would support is $304,950. As such, together with the downpayment in the amount of $16,050, the Purchase Price would be $321,000. ii. Plus a percentage not more than the greater of (1) a two-percent (2%) increase in the Original Purchase Price per year (prorated at the rate of 1/12th for each whole month) from the date the Owner acquired ownership of the Unit to the date of the listing of the Unit for resale by YVHA, which percentage shall be calculated annually without compounding2; or (2) fifty-percent (50%) of the average annual increase in AMI, annualized over the period of Owner’s ownership of the Unit, from the date the Owner acquired ownership of the Unit to the date of the listing of the Unit for resale by YVHA, which percentage shall be calculated annually without compounding3 ; and iii. Plus the cost of Qualified Capital Improvements, except that the increase to the Maximum Resale Price due to Qualified Capital Improvements shall not exceed one-percent (1%) of the Original Purchase Price per year of ownership.4 Qualified Capital Improvements means those improvements to the Unit performed by the Owner, which qualify for inclusion in the preceding paragraph, as set forth in the Brown Ranch Qualified Capital Improvements Rules maintained by YVHA, and as may be amended from time-to-time, and which will be published on the YVHA website. No Owner-Seller shall permit any prospective buyer to assume any or all of the Owner’s customary closing costs or accept any other consideration which would cause an increase in the Purchase Price above the Maximum Resale Price.

Maximum Resale Price. A. The Maximum Resale Price of a Property shall be no greater than the sum of: i. The purchase price paid by the Owner when the Owner acquired ownership of the Unit (the “Original Purchase Price,” which will be the Initial Purchase Price for the initial Owner); ii. Plus a percentage not more than the greater of (1) a two-percent (2%) increase in the Original Purchase Price per year (prorated at the rate of 1/12th for each whole month) from the date the Owner acquired ownership of the Unit to the date of the listing of the Unit for resale by YVHA, which percentage shall be calculated annually and accumulate without compounding1; or (2) fifty-percent (50%) of the average annual increase in AMI, annualized over the period of Owner’s ownership of the Unit, from the date the Owner acquired ownership of the Unit to the date of the listing of the Unit for resale by YVHA, which percentage shall be calculated annually and accumulate without compounding2 ; a iii. Plus the cost of Qualified Capital Improvements, except that the increase to the Maximum Resale Price due to Qualified Capital Improvements shall not exceed one-percent (1%) of the Original Purchase Price per year of ownership.3 Qualified Capital Improvements means those improvements to the Unit performed by the Owner, which qualify for inclusion in the preceding paragraph, as set forth in the YVHA Qualified Capital Improvements 1 For example: If the Original Purchase Price of a Unit is $100,000, at the end of Year 1 the Unit could be sold for a maximum of $102,000. At the end of Year 2, the Unit could be sold for a maximum of $104,000, and at the end of Year 5, the Unit could be sold for a maximum of $110,000. 2 For example: An owner purchases their Unit for $100,000, and sells the Unit at the end of Year 5. The average annual increase in AMI over those five years was 10%. The maximum the Unit could be sold for would be $125,000 (a simple five-percent (5%) annual increase from the Original Purchase Price). 3 For example: An owner purchases their Unit for $100,000, and sells the Unit at the end of Year 5. The owner installed $10,000 in capital improvements to the Unit in those 5 years. $5,000 (being 1% of the Original Purchase Price over 5 years) would be added to the amount calculated under Section 3.2 (a)(i) to determine Maximum Resale Price. No Owner-Seller shall permit any prospective buyer to assume any or all of the Owner’s customary closing costs or accept any other consideration which would cause an...

Maximum Resale Price. A. The Maximum Resale Price of a Property shall be equal to the sum of: (1) The lesser of: a. the Purchase Price paid by the Owner for the Property, plus an increase of three percent (3%) of such Purchase Price per year (prorated at the rate of 1/12 for each whole month) from the date of the Owner's purchase of the Property to the date of the Owner's execution of the listing contract, such percentage increase to not be compounded annually; or b. the Purchase Price paid by the Owner for the Property, plus a percentage increase equal to the percentage increase in the Area Median Income from the date of the Owner's purchase of the Property to the date of the Owner's execution of the listing contract (prorated at the rate of 1/12 for each whole month), such percentage increase to not be compounded annually. (2) Plus the cost of the Permitted Improvements approved by the SCHA or the Town. (3) Plus the amount of any commission payable to the SCHA. B. Owner shall be responsible for ensuring that at resale the Property is clean, the appliances are in working order, and that there are no health or safety violations regarding the Property. C. No Owner shall permit any prospective buyer to assume any or all of the Owner customary closing costs or accept any other consideration which would cause an increase in the Purchase Price above the bid price so as to induce the Owner to sell to such prospective buyer.

Maximum Resale Price. An owner may desire to sell a deed-restricted Employee Housing Unit provided that the resale price and prospective purchaser meet the standards of the Guidelines and the Master Deed Restriction. Resale price may not exceed: A. The original price plus B. An increment equal to 3% per annum of the original purchase price from the date of purchase (prorated at the rate of 0.25% for each whole month of any part of any year) plus C. The value of capital improvements (including professional architect’s fees) made to the Employee Housing Unit not exceeding 10% of the original purchase price. For every ten years from the date of original purchase and deed restriction, another ten percent of the purchase price may be added to the value of the property for capital improvements plus D. The value of any special assessments made by a homeowner's association or by a local government that has been paid by the owner. Additional details regarding resale value as well as calculation methods are provided in the deed restriction.

Maximum Resale Price. An owner may desire to sell a deed-restricted for-sale employee housing unit (Employee Housing Unit) provided that the resale price and prospective purchaser meet the standards of the Guidelines and the Master Deed Restriction. Resale price may not exceed: A. The original purchase price on the original date of purchase plus B. An increment equal to three (3) percent or one and one half percent (1.5%) per annum, depending upon the property, (see Master Deed Restriction) of the original purchase price from the original date of purchase (prorated at the rate of 0.25% for each whole month of any part of any year) plus C. The value of capital improvements (including professional architect’s fees) made to the Employee Housing Unit not exceeding fifteen (15) percent of the original purchase price. For every ten (10) years from the original date of purchase and deed restriction, another ten (10) percent of the original purchase price may be added to the value of the property for capital improvements plus D. The value of any special assessments made by a homeowner's association or by a local government that has been paid by the owner.