Common use of OPTION D Clause in Contracts

OPTION D. Grantee will agree to move off the Island, and Grantor will provide Grantee with funds to buy another home which is not located in the IDJC Community (“Home”). There shall be no liens or mortgages on the Home without the written consent of the Grantor other than the mortgage in favor of Grantor. ▇▇▇▇▇▇▇ will agree to live in the Home as his/her primary residence for the Occupancy Period. ▇▇▇▇▇▇▇ will agree to move and make the Home his/her Primary Residence within sixty (60) days of the Act of Transfer conveying the Home to the Grantee. If ▇▇▇▇▇▇▇ owns an interest in Island Property, Grantee MAY KEEP his/her interest in the Island Property. Grantee will have to agree to use the Island Property only for Recreational Use. ▇▇▇▇▇▇▇ will not live on the Island Property as his/her Primary Residence. ▇▇▇▇▇▇▇ also agrees not to live on any Other Island Property as a Primary Residence. ▇▇▇▇▇▇▇ also agrees to comply with the Use and Occupancy Restrictions set forth below with respect to any Other Island Property, whether or not Grantee has an ownership interest in such property. If Grantee does not own an interest in Island Property, then upon acquisition of an ownership interest in Island Property, in whole or in part, whether by acquisition, gift, inheritance, succession or otherwise, Grantee will comply with the Use and Occupancy Restrictions set forth below, for as long as Grantee owns an interest in the Island Property. Other use and occupancy obligations are imposed on Grantee due to federal rules and regulations regarding use of Grant funds. These obligations are hereby incorporated into this Agreement. To make sure ▇▇▇▇▇▇▇ complies with these obligations, Grantee will give Grantor a mortgage on his/her Home. The form of the mortgage is attached to this Agreement. If Grantee violates these obligations, Grantor will notify Grantee of the violation and if Grantee does not correct such violation, then Grantor may foreclose on ▇▇▇▇▇▇▇’s Home under the mortgage. HOWEVER, YOU WILL NOT LOSE YOUR HOME, if someone other than you, the Grantee, violates the restrictions on use of the Island Property or Other Island Property, without your consent. After you have satisfied with the requirement to occupy the Home for the Occupancy Period and all other conditions to obtain a release of the mortgage, your agreement to comply with the Use and Occupancy Restrictions will continue and be enforceable through obtaining a judgment against you for specific performance or injunctive relief to cease the activity which violates the Use and Occupancy Restrictions.

OPTION D. Grantee will agree to move off the Island, and Grantor will provide Grantee with funds to buy another home which is not located in the IDJC Community (“Home”). There shall be no liens or mortgages on the Home without the written consent of the Grantor other than the mortgage in favor of Grantor. ▇▇▇▇▇▇▇ Grantee will agree to live in the Home as his/her primary residence for the Occupancy Period. ▇▇▇▇▇▇▇ Grantee will agree to move and make the Home his/her Primary Residence within sixty (60) days of the Act of Transfer conveying the Home to the Grantee. If ▇▇▇▇▇▇▇ Grantee owns an interest in Island Property, Grantee MAY KEEP his/her interest in the Island Property. Grantee will have to agree to use the Island Property only for Recreational Use. ▇▇▇▇▇▇▇ Grantee will not live on the Island Property as his/her Primary Residence. ▇▇▇▇▇▇▇ Grantee also agrees not to live on any Other Island Property as a Primary Residence. ▇▇▇▇▇▇▇ Grantee also agrees to comply with the Use and Occupancy Restrictions set forth below with respect to any Other Island Property, whether or not Grantee has an ownership interest in such property. If Grantee does not own an interest in Island Property, then upon acquisition of an ownership interest in Island Property, in whole or in part, whether by acquisition, gift, inheritance, succession or otherwise, Grantee will comply with the Use and Occupancy Restrictions set forth below, for as long as Grantee owns an interest in the Island Property. Other use and occupancy obligations are imposed on Grantee due to federal rules and regulations regarding use of Grant funds. These obligations are hereby incorporated into this Agreement. To make sure ▇▇▇▇▇▇▇ Grantee complies with these obligations, Grantee will give Grantor a mortgage on his/her Home. The form of the mortgage is attached to this Agreement. If Grantee violates these obligations, Grantor will notify Grantee of the violation and if Grantee does not correct such violation, then Grantor may foreclose on ▇▇▇▇▇▇▇Grantee’s Home under the mortgage. HOWEVER, YOU WILL NOT LOSE YOUR HOME, if someone other than you, the Grantee, violates the restrictions on use of the Island Property or Other Island Property, without your consent. After you have satisfied with the requirement to occupy the Home for the Occupancy Period and all other conditions to obtain a release of the mortgage, your agreement to comply with the Use and Occupancy Restrictions will continue and be enforceable through obtaining a judgment against you for specific performance or injunctive relief to cease the activity which violates the Use and Occupancy Restrictions.