Common use of Maximum Resale Price Clause in Contracts

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. A. (a) The Maximum Resale Price shall be the lesser of the Property may not exceed appraised value of the sum of: Premises at the time of resale or (i$ .00) the Purchase Price paid by the Owner for the PropertyDOLLARS, plus: (ii) an increase of three percent (3%) of such Purchase Price per year (prorated as increased at the rate of 1/12 for each whole month3% (three percent) per annum, but not compounded annually) compounding, from the date of this Covenant, provided the Owner’s purchase 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 Property 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 Owner’s sale of 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 Property; (iii) capital improvements made to TownAHC, and the Property cost thereof borne by the Owner (if and only if such improvements are allowed in the event the Premises is not in good repair the Owner’s 3% increase per year will decrease by the Town pursuant cost of any necessary upgrade or repair to make the GuidelinesPremises in “good repair”); and (iv) provided that in no event shall the Maximum Resale Price be greater than the purchase price for which a maximum of two credit-worthy Eligible Purchaser earning no more than percent (2.00( %) of the sum 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 items (i)2% subtracted from the resale price to cover costs of any marketing, (ii), income certification or lottery process. This will be paid to the Monitoring Agent as compensation for monitoring and (iii) enforcing compliance with the terms of this Section A to provide Covenant, including the selling 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 that upon resale the Owner with assistance in paying shall actually receive the Maximum Resale Price for the Premises or any sales commissions to other price for the Premises. All appraisals referenced above shall be prepared by a licensed real estate broker, attorneys’ fees, and closing costs incurred appraiser hired by the Owner in connection with the sale of the Property. B. Pursuant to the GuidelinesOwner, 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 expense, which appraiser is acceptable to the Maximum Resale PriceAHC, and is recognized as utilizing acceptable professional appraisal standards in Massachusetts. Depending upon conditions affecting The Premises shall be appraised as if this Covenant does not burden the real estate market, the Property may be re-sold for less than the 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 the a Property may not exceed shall be no greater than the sum of: : (i1) the The Purchase Price paid by the Owner for of the Property, plus: Property as identified in the purchase and sale agreement entered into at the time of purchase by Owner‐Seller; (ii2) an increase of three percent Plus up to a three‐percent (3%) increase of such the Purchase Price per year (prorated at the rate of 1/12 1/12th for each whole month, but not compounded annually) from the date of the Owner’s purchase of the Property ownership transferred to Seller to the date of the OwnerSeller’s sale listing of the Property; (iii) capital improvements made property with written notification to the Property by Town of Frisco and the Owner Summit Combined Housing Authority (if and only if SCHA); such improvements are allowed percentage increase shall be calculated as simple interest; (3) Plus up to the cost of Qualified Capital Improvements as approved by the Town pursuant of Frisco; (4) Plus up to the Guidelinescost 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); and (iv) a maximum of two percent (2.00%) of , Provided, however, that the sum of items B. (i), 1) through B. (ii), 4) in this paragraph shall be no greater than the maximum sales price for the Property’s unit type 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 household AMI level as published by the Owner in connection with SCHA at the sale time of the Propertysale. At the owner’s discretion, the maximum resale price is not required to be less than the purchase price paid by the owner of the property as identified on closing documents at the time of purchase by Owner‐Seller. B. Pursuant to the Guidelines, each C. Owner shall be responsible for ensuring that at resale the transfer of his or her Property, the same Property 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. D. No Owner shall permit any prospective buyer to assume any or all of the Owner’s Owner customary closing costscosts 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. 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.