Common use of Resale and Transfer Clause in Contracts

Resale and Transfer. Grantee may market the Premises to an Eligible Purchaser at any time, provided that prior written notice is given to the CHC. Grantee shall have six months (this period commences on the date on which the CHC receives the written notice) during which to find an Eligible Purchaser to purchase the Premises for the Maximum Resale Price (as defined herein). If, after six (6) months, an Eligible Purchaser cannot be located by the Grantee, the Town shall have a sixty (60) day option to purchase the Premises for the Maximum Resale Price or to find an Eligible Purchaser. In the event that there is more than one interested Eligible Purchaser, the buyer shall be selected by a lottery conducted by the Town Selectmen at a public meeting. If the Town does not exercise its option to purchase the Premises, the Xxxxx County Regional Housing Authority shall have a thirty (30) day option to purchase the Premises at the Maximum Resale Price or to find an eligible purchaser (pursuant to the guidelines, rules and regulations of said housing authority) to purchase the Premises at the Maximum Resale Price. If neither the Town nor the housing authority exercises its option to purchase within the given time periods, the Grantee may at that time sell the Premises at a price not to exceed the Maximum Resale Price to an ineligible purchaser who agrees to meet all other terms of this Covenant, including but not limited to the obligation to reside full time on the Premises, the provisions for resale and the restrictions regarding leasing. If no such purchaser can be found, then, in that event only, the Grantee may sell the Premises on the open market without restrictions.