Transfer, Sale or Disposition of Improvements. 10.1 INTENT: It is the understanding of the parties that the terms of this Lease, and in particular of this Article 10, are intended to preserve the affordability of the Improvements for lower income households and expand access to homeownership opportunities for such households.
Transfer, Sale or Disposition of Improvements. 10.1 INTENT OF THIS ARTICLE IS TO PRESERVE AFFORDABILITY It is the express understanding and intent of the parties that the terms and conditions of this Lease, and in particular of this Article 10, are intended in part to preserve the affordability of any Home on the Leased Land, thereby expanding and maintaining access to Homeownership opportunities for income qualified households, who, absent such provisions, would be unable to afford them.
10.2 HOMEOWNER MAY TRANSFER HOME ONLY TO SDCLT OR QUALIFIED PERSONS Homeowner may sell, transfer, or otherwise dispose of its interest in the Leased Land or Home only to the SDCLT or to an Income Qualified Resident as defined below or otherwise only as explicitly permitted by the provisions of this Article 10. All such transfers shall be subject to SDCLT’s review and purchase option rights set forth in this Article 10. Any purported transfer done without following the procedures set forth below, except in the case of a transfer to a Permitted Mortgagee in lieu of foreclosure, shall be null and void.
Transfer, Sale or Disposition of Improvements
