Common use of Residential Real Estate Transfer Assessment Clause in Contracts

Residential Real Estate Transfer Assessment. Within 30 days following the Effective Date, each Owner shall record or cause to be recorded a covenant against the portion of the FDP Properties that it owns, requiring payment to the Town of a real estate transfer assessment in the amount of one half of one percent (0.5%) of the consideration paid for each non-exempt transfer of residential property within the FDP Properties improved with a Dwelling Unit or Dwelling Units for which a certificate of occupancy has been issued (the “Residential XXXX”). The Residential XXXX shall be in addition to the existing Real Estate Transfer Tax administered by the Town under Title 1, Chapter 10 of the Town Code, as amended (the “RETT”). The covenant shall be in substantially the form attached hereto as Exhibit 2. The Town shall administer and collect the Residential XXXX in the same manner as the Town administers and collects the RETT, with the same exemptions as the RETT, except that the following transactions shall also be exempt from the Residential XXXX: (a) the reorganization of any business entity that owns title to real property within the FDP Properties that does not result in the conveyance by deed of such real property to another business entity or individual; and (b) any conveyance of real property between any of the Owners and any entity in which the beneficial owner or owners of any of the Owners also have an ownership interest. The Residential XXXX may be paid either by the buyer or the seller of the subject property as negotiated by the parties to the transfer. The Town shall use the funds generated by the Residential XXXX exclusively for the construction, maintenance or acquisition of workforce, affordable, or community housing, as the Town may determine in its discretion.

Residential Real Estate Transfer Assessment. Within 30 days following the Effective Date, each Owner shall record or cause to be recorded a covenant against the portion of the FDP Properties that it owns, requiring payment to the Town of a real estate transfer assessment in the amount of one half of one percent (0.5%) of the consideration paid for each non-exempt transfer of residential property within the FDP Properties improved with a Dwelling Unit or Dwelling Units for which a certificate of occupancy has been issued (the “Residential XXXX”). The Residential XXXX shall be in addition to the existing Real Estate Transfer Tax administered by the Town under Title 1, Chapter 10 of the Town Code, as amended (the “RETT”). The covenant shall be in substantially the form attached hereto as Exhibit 2. The Town shall administer and collect the Residential XXXX in the same manner as the Town administers and collects the RETT, with the same exemptions as the RETT, except that the following transactions shall also be exempt from the Residential XXXX: (a) the reorganization of any business entity that owns title to real property within the FDP Properties that does not result in the conveyance by deed of such real property to another business entity or individual; and (b) any conveyance of real property between any of the Owners and any entity in which the beneficial owner or owners of any of the Owners also have an ownership interest. The Residential XXXX may be paid either by the buyer or the seller of the subject property as negotiated by the parties to the transfer. The Town shall use the funds generated by the Residential XXXX exclusively for the construction, maintenance or acquisition of workforce, affordable, or community workforce housing, as the Town may determine in its discretion.