Examples of Eligible Buyer in a sentence
Any such surviving family member or Designated Partner shall execute all documentation required by CLT for transfer of the Residential Unit and shall abide by all the provisions of this Ground Lease; provided, however, that any such surviving family member or Designated Partner need not be an Income Eligible Buyer to be deemed by CLT to be a Qualified Buyer.
Any other family member who inherits the Residential Unit from an Owner, or who otherwise receives ownership of the Residential Unit (e.g., through a divorce settlement), must demonstrate to CLT’s reasonable satisfaction that they meet the requirements of an Income Eligible Buyer or Employee of Lessor to be deemed by CLT to be a Qualified Buyer.
Except for the requirements set forth in item (iv) above, once an applicant qualifies as an Income Eligible Buyer and closes on the Residential Unit, any future changes in employment, income, net assets or household size shall have no force or effect upon the Owner’s continued ownership of the Property.