Relocation and Residence Clause Samples

Relocation and Residence. (a) The Executive agrees to relocate and established his principal resident and domicile within the Towns of Andover, North Andover or Boxford, Massachusetts on or before September 1, 1991. The Executive further agrees to maintain his principal residence and domicile with in the Towns of Andover, North Andover or Boxford, Massachusetts for the term of this Agreement. The Executive hereby acknowledges that the Employers have relied upon the Executive's covenant in this Section 6 in executing this Agreement and have conditioned his continued employment with them on the Executive's continued compliance with said covenant. (b) The employers shall reimburse the Executive for all reasonable moving expenses incurred by the Executive in transporting the personal property of the Executive and his family to the Towns of Andover, North Andover or Boxford, Massachusetts, subject to such reasonable and documentation as may be specified by the Employers. In the event that such moving expenses are deemed not deductible by the Executive for federal income tax purposes, the Employers shall pay the Executive an additional sum sufficient to cover the Executive" federal income taxes on any such taxable moving expenses. (c) Upon written request by the Executive given at any time during the six months following the execution of this Agreement, the Employers shall purchase the Executive's present residence located within West Roxbury, Massachusetts (the "Residence") in accordance with the terms and conditions set forth below. Following receipt by the Employers of written notice from the Executive requesting their purchase of the residence, the executive and the Employers shall each select a professional real estate appraiser who shall render an opinion as to the fair market value of the Residence. If the lower of the two appraised values is more than or equal to 90% of the higher appraised value, the Employers shall purchase the Residence from the Executive at a purchase price equal to one-half of the sum of the two appraised values. If the lower of the two appraised values is less than 90% of the higher appraised value, the Executive and the Employers (or the two appraisers, if the Executive and the Employers cannot agree) shall select a third professional appraiser who shall render an opinion as to the fair market value of the Residence. Thereupon, the Employers shall purchase the Residence from the Executive at a purchase price equal to one-third of the sum of the three appra...