Common use of Maximum Resale Price Clause in Contracts

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.