Common use of Seller’s Right to Cancel if Buyer Is Not an Eligible Person Clause in Contracts

Seller’s Right to Cancel if Buyer Is Not an Eligible Person. Buyer understands that the Property shall be sold only to buyers who are Eligible Persons as provided in the Eligibility Affidavit and the City’s Eligibility Affidavit. (1) Buyer represents to Seller that any and all statements, representations and certifications made by Buyer to Seller and the City in connection with this transaction are true and correct and shall be true and correct at Closing. (2) If Seller or the City shall determine that Buyer is not an Eligible Person, or the City shall otherwise fail to certify that the sale of a unit to Buyer would provide Seller with full affordable housing credit under the AHA, Seller shall have the right prior to Closing to cancel this Agreement at any time. If Seller cancels this Agreement as aforesaid, Seller will cause Escrow to return to Buyer all of Buyer’s deposits made under this Agreement, and neither party will have any further obligations under this Agreement or relating to the Project; provided, that Buyer shall be responsible for all escrow cancellation fees, up to a maximum of $250.00.

Seller’s Right to Cancel if Buyer Is Not an Eligible Person. Buyer understands that the Property shall be sold only to buyers who are Eligible Persons as provided in the Eligibility Affidavit and the City’s Eligibility Affidavit. (1) Buyer represents to Seller that any and all statements, representations and certifications made by Buyer to Seller and the City in connection with this transaction are true and correct and shall be true and correct at Closing.. specimen (2) If Seller or the City shall determine that Buyer is not an Eligible Person, or the City shall otherwise fail to certify that the sale of a unit to Buyer would provide Seller with full affordable housing credit under the AHA, Seller shall have the right prior to Closing to cancel this Agreement at any time. If Seller cancels this Agreement as aforesaid, Seller will cause Escrow to return to Buyer all of Buyer’s deposits made under this Agreement, and neither party will have any further obligations under this Agreement or relating to the Project; provided, that Buyer shall be responsible for all escrow cancellation fees, up to a maximum of $250.00.