Common use of Occupancy Restrictions Clause in Contracts

Occupancy Restrictions. a. The Property shall be continuously occupied by at least one Qualified Owner as their principal place of residence. b. The Qualified Owner may lease a room or rooms in the Property to one or more Qualified Tenants, provided that the Qualified Owner still occupies the Property as their principal place of residence. c. No business activity shall occur on or in the Property, other than as permitted within the zone district applicable to the Property. d. If a Qualified Owner ceases to occupy the Property as their principal place of residence, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. An Owner shall be deemed to have changed their principal place of residence by: becoming a resident elsewhere; accepting permanent employment outside of Eagle County, Colorado; or residing in the Property for fewer than 9 months per calendar year. e. If at any time a Qualified Owner also owns any interest alone or in conjunction with others in any developed residential property or dwelling unit located in Eagle County, Colorado, the Qualified Owner shall immediately list said other property or unit for sale to sell the Qualified Owner's interest in such property at a sales price comparable to like units or properties in the area in which the property or dwelling unit is located. If said other property or unit(s) has not been sold by the Qualified Owner within 120 days of its listing, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. It is understood and agreed that, in the case of a Qualified Owner whose business is the construction and sale of residential properties or the purchase and sale of such properties, the properties which constitute inventory in the business shall not constitute other developed residential property or dwelling unit as those terms are used in this Section. f. No later than February 1st of each year, the Owner shall submit one copy of a sworn affidavit, on a form provided by the Town, verifying that the Property is occupied in accordance with this Agreement and the Guidelines. g. Should the Town acquire possession of the Property for any reason, the Town may lease the Property to any number of Qualified Tenants at any time.

Occupancy Restrictions. a. The Property shall be continuously occupied by at least one Qualified Owner as their his or her principal place of residence. b. The Qualified Owner may lease a room or rooms in the Property to one or more Qualified Tenants, provided that the Qualified Owner still occupies the Property as their his or her principal place of residence. c. No business activity shall occur on or in the Property, other than as permitted within the zone district applicable to the Property. d. If a Qualified Owner ceases to occupy the Property as their his or her principal place of residence, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. An Owner shall be deemed to have changed their principal his or her permanent place of residence by: becoming a resident elsewhere; accepting permanent employment outside of Eagle County, Colorado; or residing in the Property for fewer than 9 months per calendar year. e. If at any time a Qualified Owner also owns any interest alone or in conjunction with others in any developed residential property or dwelling unit located in Eagle County, Colorado, the Qualified Owner shall immediately list said other property or unit for sale to sell the Qualified Owner's interest in such property at a sales price comparable to like units or properties in the area in which the property or dwelling unit is located. If said other property or unit(s) has not been sold by the Qualified Owner within 120 days of its listing, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. It is understood and agreed that, in the case of a Qualified Owner whose business is the construction and sale of residential properties or the purchase and sale of such properties, the properties which constitute inventory in the business shall not constitute other developed residential property or dwelling unit as those terms are used in this Section. f. No later than February 1st of each year, the Owner shall submit one copy of a sworn affidavit, on a form provided by the Town, verifying that the Property is occupied in accordance with this Agreement and the Guidelines. g. Should the Town acquire possession of the Property for any reason, the Town may lease the Property to any number of Qualified Tenants at any time.

Occupancy Restrictions. a. The Property shall be continuously occupied by at least one Qualified Owner as their principal place of residence. b. The Qualified Owner may lease a room or rooms in the Property to one or more Qualified Tenants, provided that the Qualified Owner still occupies the Property as their principal place of residence. c. No business activity shall occur on or in the Property, other than as permitted within the zone district applicable to the Property. d. . If a Qualified Owner ceases to occupy the Property as their principal place of residence, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. An Owner shall be deemed to have changed their principal place of residence by: by becoming a resident elsewhere; elsewhere or accepting permanent employment outside of Eagle County, Colorado; . b. The Qualified Owner may lease a room or residing in rooms within the Property, but only to one or more Qualified Tenants, and provided that the Qualified Owner still occupies the Property for fewer as their principal place of residence. Leases of less than 9 30 days or more than 6 months per calendar yearare prohibited, provided that a Qualified Tenant may renew a 6- month lease without limitation. e. c. No business activity shall occur on or within the Property, other than as permitted within the zone district applicable to the Property. d. If at any time a Qualified Owner also owns any interest alone or in conjunction with others in any developed residential property or dwelling unit located in Eagle County, Colorado, the Qualified Owner shall immediately list said other property or unit for sale to sell the Qualified Owner's interest in such property at a sales price comparable to like units or properties in the area in which the property or dwelling unit is located. If said other property or unit(s) has not been sold by the Qualified Owner within 120 days of its listing, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. It is understood and agreed that, in the case of a Qualified Owner whose business is the construction and sale of residential properties or the purchase and sale of such properties, the properties which constitute inventory in the business shall not constitute other developed residential property or dwelling unit as those terms are used in this Section. f. No later than February 1st of each year, the Owner shall submit one copy of a sworn affidavit, on a form provided by the Town, verifying that the Property is occupied in accordance with this Agreement and the Guidelines. g. Should the Town acquire possession of the Property for any reason, the Town may lease the Property subject to any number the terms of Qualified Tenants at any timethis Agreement.