Common Contracts
1 similar Covenants and Restrictions contracts
COVENANTS AND RESTRICTIONSCovenants and Restrictions • November 20th, 2022
The City is selling the property to Harry J. Olson Senior Citizen Center, Inc. (Purchaser) for the sum of $1.00, which the parties agree is less than fair market value. It is agreed that the purpose of a sale below fair market value is for the continued operation of a Multipurpose Senior Center which serves the needs of the public. Any encumbrances or restrictions to the use or sale of the property are considered to be for the continuation of use for this sole purpose of a Multipurpose Senior Center and to recover public investment of funds within a reasonable amount of time after the sale should the property cease to serve that purpose.
