Common use of Maximum Resale Price Clause in Contracts

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 Deed Restriction Implementation Plan 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 sale price above the Maximum Resale Price. 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.

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 Deed Restriction Implementation Plan 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 sale price above the Maximum Resale Price.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 increase in the sale price above the Maximum Resale Price.

Maximum Resale Price. A. (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 lesser of the Unit appraised value of the Premises at the time of resale or Two Hundred Ninety Thousand (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$290,000.00) a two-percent (2%) increase in the Original Purchase Price per year (prorated DOLLARS, as increased at the rate of 1/12th for each whole month3% (three percent) per annum, not compounding, from the date of this Covenant, provided the Owner acquired 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 Unit Premises so as to keep the date 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 listing 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 Unit Premises in “good repair”); and provided that in no event shall the Maximum Resale Price be greater than the purchase price for resale by YVHA, which percentage shall be calculated annually and accumulate without compounding1; or (2) fiftya credit-worthy Eligible Purchaser earning no more than 80 percent (5080%) of the average annual increase in AMIArea 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, annualized over income certification or lottery process. This will be paid to the period Monitoring Agent as compensation for monitoring and enforcing compliance with the terms of Owner’s ownership this Covenant, including the supervision of the Unitresale process. (c) For purposes of this Covenant, from household size is determined as the date 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 that upon resale 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 actually receive the Maximum Resale Price due to Qualified Capital Improvements for the Premises or any other price for the Premises. All appraisals referenced above 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 be prepared by a real estate appraiser hired by the Owner, which qualify for inclusion in the preceding paragraph, as set forth in the YVHA Deed Restriction Implementation Plan 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 at the Owner’s customary closing costs or accept any other consideration expense, which would cause an increase in appraiser is acceptable to the sale price above the Maximum Resale Price. 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 $104,000Monitoring Agent, 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 5is recognized as utilizing acceptable professional appraisal standards in Massachusetts. The average annual increase in AMI over those five years was 10%. The maximum Premises shall be appraised as if this Covenant does not burden 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 PricePremises.

Maximum Resale Price. A. (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 lesser of the Unit appraised value of the Premises at the time of resale or (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$ .00) a two-percent (2%) increase in the Original Purchase Price per year (prorated DOLLARS, as increased at the rate of 1/12th for each whole month3% (three percent) per annum, not compounding, from the date of this Covenant, provided the Owner acquired 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 Unit Premises so as to keep the date 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 listing 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 TownAHC, 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 Unit Premises in “good repair”); and provided that in no event shall the Maximum Resale Price be greater than the purchase price for resale by YVHA, which percentage shall be calculated annually and accumulate without compounding1; or (2) fiftya credit-worthy Eligible Purchaser earning no more than percent (50( %) of the average annual increase in AMIArea 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, annualized over income certification or lottery process. This will be paid to the period Monitoring Agent as compensation for monitoring and enforcing compliance with the terms of Owner’s ownership this Covenant, including the supervision of the Unitresale process. (c) For purposes of this Covenant, from household size is determined as the date 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 that upon resale 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 actually receive the Maximum Resale Price due to Qualified Capital Improvements for the Premises or any other price for the Premises. All appraisals referenced above 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 be prepared by a real estate appraiser hired by the Owner, which qualify for inclusion in the preceding paragraph, as set forth in the YVHA Deed Restriction Implementation Plan 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 at the Owner’s customary closing costs or accept any other consideration expense, which would cause an increase in appraiser is acceptable to the sale price above the Maximum Resale Price. 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 $104,000AHC, 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 5is recognized as utilizing acceptable professional appraisal standards in Massachusetts. The average annual increase in AMI over those five years was 10%. The maximum Premises shall be appraised as if this Covenant does not burden 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 PricePremises.

Maximum Resale Price. A. (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 lesser of the Unit appraised value of the Premises at the time of resale or Two Hundred Ninety Four Thousand Two Hundred Sixty Five (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$294,265.00) a two-percent (2%) increase in the Original Purchase Price per year (prorated DOLLARS, as increased at the rate of 1/12th for each whole month3% (three percent) per annum, not compounding, from the date of this Covenant, provided the Owner acquired 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 Unit Premises so as to keep the date 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 listing 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 Unit Premises in “good repair”); and provided that in no event shall the Maximum Resale Price be greater than the purchase price for resale by YVHA, which percentage shall be calculated annually and accumulate without compounding1; or (2) fiftya credit-worthy Eligible Purchaser earning no more than 80 percent (5080%) of the average annual increase in AMIArea 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, annualized over income certification or lottery process. This will be paid to the period Monitoring Agent as compensation for monitoring and enforcing compliance with the terms of Owner’s ownership this Covenant, including the supervision of the Unitresale process. (c) For purposes of this Covenant, from household size is determined as the date 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 that upon resale 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 actually receive the Maximum Resale Price due to Qualified Capital Improvements for the Premises or any other price for the Premises. All appraisals referenced above 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 be prepared by a real estate appraiser hired by the Owner, which qualify for inclusion in the preceding paragraph, as set forth in the YVHA Deed Restriction Implementation Plan 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 at the Owner’s customary closing costs or accept any other consideration expense, which would cause an increase in appraiser is acceptable to the sale price above the Maximum Resale Price. 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 $104,000Monitoring Agent, 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 5is recognized as utilizing acceptable professional appraisal standards in Massachusetts. The average annual increase in AMI over those five years was 10%. The maximum Premises shall be appraised as if this Covenant does not burden 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 PricePremises.

Maximum Resale Price. A. If the Owner lists the unit for sale with a contracted realtor with the Summit Combined Housing Authority (SCHA), the Owner may add the amount paid in sales commission, up to two percent of the sale price (2%), to the Maximum Resale Price. B. The Maximum Resale Price of a Property shall be no greater than the sum of: i. (1) The purchase price Purchase Price paid by the Owner when the Owner acquired ownership of the Unit (Property as identified in the “Original Purchase Price,” which will be purchase and sale agreement entered into at the Initial Purchase Price for the initial Owner)time of purchase by Owner‐Seller; ii. Plus a percentage not more than the greater of (1) a two-percent (2) Plus up to a three‐percent (3%) increase in of 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 transferred to Seller to the date of the Seller’s listing of the Unit for resale by YVHA, which property with written notification to the Town of Frisco and the Summit Combined Housing Authority (SCHA); such percentage increase shall be calculated annually and accumulate without compounding1; or as simple interest; (23) 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 Plus up 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 ImprovementsImprovements as approved by the Town of Frisco; (4) Plus up to the cost of real estate commission as negotiated by the Seller if the Owner lists the unit for sale with a private real estate broker (as opposed to a contracted realtor with the Summit Combined Housing Authority (SCHA), except Provided, however, that the increase to the Maximum Resale Price due to Qualified Capital Improvements shall not exceed one-percent sum of items B. (1%) through B. (4) in this paragraph shall be no greater than the maximum sales price for the Property’s unit type and household AMI level as published by the SCHA at the time of the Original Purchase Price per year of ownership.3 Qualified Capital Improvements means those improvements sale. At the owner’s discretion, the maximum resale price is not required to be less than the Unit performed purchase price paid by the Ownerowner of the property as identified on closing documents at the time of purchase by Owner‐Seller. C. Owner shall be responsible for ensuring that at resale the Property is clean, which qualify for inclusion the appliances are in the preceding paragraph, as set forth in the YVHA Deed Restriction Implementation Plan maintained by YVHAworking order, and as may be amended from time-to-time, and which will be published on that there are no health or safety violations regarding the YVHA website. Property. D. No Owner-Seller Owner shall permit any prospective buyer to assume any or all of the Owner’s Owner customary closing costs or accept any other consideration which would cause an increase in the sale price Purchase Price above the Maximum Resale Pricebid price so as to induce the Owner to sell to such prospective buyer. 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.