Modification of Ownership Requirements Sample Clauses

Modification of Ownership Requirements. The City Community Development Director or the Director’s designee may consider modification to Item C above if Owner demonstrates need or other good cause. Ownership of any other residential real estate in whole or in part without written approval by the City violates this Covenant, and will result in default and remedies as described in this Covenant.
Sample 1
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Modification of Ownership Requirements. The City Community Development Director or the Director’s designee may consider modification to Item C above if Owner demonstrates need or other good cause. For example, the Director, or designee, may consider waiving the requirement when the ownership interest in another property is a small fractional interest, if the property has minimal value compared to the value of the affordable unit, or in the case of an existing City affordable owner (in good standing) who has outgrown their unit due to birth or adoption and wishes to purchase a larger affordable unit. In the event an existing owner purchases another affordable unit, they will be required to concurrently sell their existing affordable unit to a City-qualified household and execute a new affordable covenant in effect at the time of the purchase. Years of ownership are not transferable. Ownership of any other residential real estate in whole or in part without written approval by the City violates this Covenant, and will result in default and remedies as described in this Covenant.
Sample 1

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