Common use of Transfer, Use and Sale Restrictions Clause in Contracts

Transfer, Use and Sale Restrictions. The transfer of the Property to Buyer will be made subject to (and the Condominium Unit Deed will so provide) certain restrictions on the transfer, use and sale (the "City’s Transfer, Use and Sale Restrictions") during the 10-year period from the closing of the sale of the unit (the “Restriction Period”). The City's Transfer, Use and Sale Restrictions require, among other things, that: (a) the Property must be occupied as Xxxxx’s principal residence at all times during the Restriction Period; and (b) if Buyer wishes to transfer title to the Property during the Restriction Period, among other things, the City shall have the option to (i) purchase the Property at a price and upon such terms as set forth in the Condominium Unit Deed conveying the Property, or (ii) require Buyer to sell the Property to a qualified resident, at a price and upon such terms, and who is in the same income category as the Buyer at the time of the original sale of the Property, all as approved by the City and as set forth in the Condominium Unit Deed conveying the unit. In the event that Buyer violates the requirement to occupy the Property as a principal residence during the Restriction Period, the City shall have the right to purchase the Property and/or to seek financial recourse from the owner, which financial recourse may include the appreciated value of the Property. The City’s Transfer, Use and Sale Restrictions set forth in Exhibit C will also be incorporated in an exhibit to the Condominium Unit Deed. Xxxxx acknowledges and agrees that Xxxxx has read and reviewed, and approves and accepts all of the terms and conditions of the City’s Transfer, Use and Sale Restrictions, and Xxxxx further agrees to accept title to the Property subject to the City’s Transfer, Use and Sale Restrictions.

Transfer, Use and Sale Restrictions. The transfer of the Property to Buyer will be made subject to (and the Condominium Unit Deed will so provide) certain restrictions on the transfer, use and sale (the "City’s Transfer, Use and Sale Restrictions") during the 10-year period from the closing of the sale of the unit (the “Restriction Period”). The City's Transfer, Use and Sale Restrictions require, among other things, that: (a) the Property must be occupied as Xxxxx’s principal residence at all times during the Restriction Period; and (b) if Buyer wishes to transfer title to the Property during the Restriction Period, among other things, the City shall have the option to (i) purchase the Property at a price and upon such terms as set forth in the Condominium Unit Deed conveying the Property, or (ii) require Buyer to sell the Property to a qualified resident, at a price and upon such terms, and who is in the same income category as the Buyer at the time of the original sale of the Property, all as approved by the City and as set forth in the Condominium Unit Deed conveying the unit. In the event that Buyer violates the requirement to occupy the Property as a principal residence during the Restriction Period, the City shall have the right to purchase the Property and/or to seek financial recourse from the owner, which financial Specimen recourse may include the appreciated value of the Property. The City’s Transfer, Use and Sale Restrictions set forth in Exhibit C will also be incorporated in an exhibit to the Condominium Unit Deed. Xxxxx acknowledges and agrees that Xxxxx has read and reviewed, and approves and accepts all of the terms and conditions of the City’s Transfer, Use and Sale Restrictions, and Xxxxx further agrees to accept title to the Property subject to the City’s Transfer, Use and Sale Restrictions.