Maximum Resale Price means the maximum purchase price that may be paid by any purchaser of a Unit, other than the initial purchaser who acquires the Unit from Declarant, that is determined in accordance with the provisions of Article 6 of this Covenant. The Maximum Resale Price is not a guaranteed price, but merely the highest price an Owner may obtain for the sale of the Unit.
Maximum Resale Price means the Purchase Price paid by the last Qualified Buyer plus: an increase of 1.5% per annum of such Purchase Price (prorated at the rate of 1/12 for each whole month) from the date of Owner's purchase of the Property to the date of the Owner's execution of the listing contract, such percentage increase to not be compounded annually; and the value of Permitted Capital Improvements.
Maximum Resale Price is the maximum resale price of a For-Sale Affordable Unit as determined pursuant to the procedures contained in Schedule 3 attached hereto.
Examples of Maximum Resale Price in a sentence
The calculation of the Maximum Resale Price, as made by CLT, shall be final and binding on all parties.
CLT may fix the Maximum Resale Price of a defaulting owner’s Residential Unit to the Maximum Resale Price for the Residential Unit as of the date of Default, and in such event, the Maximum Resale Price shall cease thereafter to increase.
Notwithstanding the foregoing, there is no requirement and CLT will not assure that, due to market conditions or the condition of the Improvements, the price actually paid will be the full amount of the Maximum Resale Price determined by CLT, and it may, in fact be less.
Finally, to ensure that the sales price of any Residential Unit is limited to the Maximum Resale Price (as it may be adjusted), no purchaser of the Residential Unit shall assume any obligation of a selling owner, nor shall such purchaser pay or provide to a selling owner any other form of consideration in connection with the sale of the Residential Unit.
The Residential Unit may not be sold for a purchase price in excess of the Maximum Resale Price.
More Definitions of Maximum Resale Price
Maximum Resale Price has the meaning given in Article V.E.1.
Maximum Resale Price or “MRP”) which shall be determined through use of the formula MRP = (P x F) + V (“Resale Formula”), where: P = the price the Affordable Owner paid for the Affordable Unit; F = the sum of the Ten Year Compound Annual Growth Rates of the AMI from the year of purchase to the year of sale. This function can be described by the following equation:
Maximum Resale Price means the maximum purchase price that shall be paid by any purchaser of a Restricted Unit that is determined by the Owner at the time of listing the unit for sale. The Maximum Resale Price may not be increased after the unit is initially offered but may be decreased if no bidders are found.
Maximum Resale Price means the sum of (i) the current area median income for the Metropolitan Area of Miami-Dade County as published by the U.S. Department of Housing and Urban Development (HUD) multiplied by the resale price multiplier, as defined herein, (ii) capital improvements, if any, however, in no event shall the Maximum Resale Price be greater than the purchase price for which a credit-worthy Eligible Household earning 140% of the Area Median Income, as required by the Program for an eligible household to obtain mortgage financing (as such purchase price is determined by County), and further provided that the Resale Price shall not be less than the purchase price paid for the Property by the Owner unless the Owner agrees to accept a lesser price. Maximum Sale Price Up to $205,000.00 for County-owned properties and $215,000 for Private Properties or such other amount set by the Board of County Commissioners, not to exceed an amount affordable at the maximum target income range set forth in Chapter 17, Article VII of the Code of Miami-Dade County, taking into account (a) family size: (b) an annual fixed interest rate based on a thirty (30) year mortgage term; (c) payment of up to five percent (5%) down payment by a Eligible Household; and (d) an estimation of annual property taxes, assessments, loan insurance and financing fees, allowances for property maintenance and repairs, homeowners insurances, homeowner association fees, if any, and allowances for utilities. The sales price set forth herein, i.e. $205,000.00 for County-owned properties and $215,000.00 for Private Properties, shall remain the maximum sale price for said units for a period of one (1) year from the effective date of this Implementing Order. The Department Director shall annually review the affordability of the maximum sale price, and, in the event the Department Director determines that it is necessary to increase or decrease said sale price, the Department Director shall recommend a new sale price for approval by the Board of County Commissioners.
Maximum Resale Price means the maximum Purchase Price that shall be paid by any purchaser of a Restricted Home, other than the initial purchaser who acquires the Property from Maggie Placer that is determined in accordance with the provisions of Section 8.3 of this Restriction. The Maximum Resale Price is not a guaranteed price, but merely the highest price an Owner may obtain for the sale of the Property.
Maximum Resale Price means the maximum permitted resale price of the Unit, including the leasehold interest created by this Sublease, as determined pursuant to the provisions of Section 3.7 of this Sublease.
Maximum Resale Price means the highest price an Owner may obtain for the sale of the Restricted Unit, and the maximum purchase price that shall be paid by any purchaser of a Restricted Unit, after the initial sale by the Developer, and subject to Section 9.1 regarding Permitted Capital Improvements (PCI). that is determined in accordance with the provisions of Sections 7.0 through 7.6 of this Restrictive Covenant. The Maximum Resale Price is not a guaranteed price, but merely the highest price an Owner may obtain for the sale of the Restricted Unit, subject to Section 9.1 regarding Permitted Capital Improvements. The Maximum Resale Price shall be the greater of the calculated Calculated Maximum Resale Price (defined below) or the Maximum Sales Price applicable to the purchaser (based on the purchaser’s income and the size of the Restricted Unit) as shown on from the 2017 AMI table as promulgated by SCHA, a copy of which is attached hereto as shown on Exhibit A. The Maximum Resale Price shall be determined and applied on the date the Restricted Unit is listed for sale by the Owner. The calculated “Calculated Maximum Resale Price” is determined by adding to the Initial Sale Price two percent (2%) fixed (simple) appreciation for each full year or portion thereof since the selling Owner acquired the Restricted Unit. For partial years, the 2% allowable appreciation shall be prorated and applied based on the actual period of such full months of actual