Common use of Restrictions on Use and Transfer of the Property Clause in Contracts

Restrictions on Use and Transfer of the Property. The transfer of the Property to Buyer will be made subject to (and the Condominium Unit Deed will so provide) certain restrictions on use and transfer of the Property, including without limitation, (a) a first option to purchase the Property at a designated price by and in favor of Seller in the event Buyer violates the covenant requiring Buyer to occupy the Property for a period of twelve (12) months from the date of the conveyance of the Property to Buyer (the "Occupancy Period"), as more particularly described in the Condominium Unit Deed, and (b) a first option to purchase the Property at a designated price by and in favor of Seller in the event Buyer desires to transfer title to the Property during the Occupancy Period, as more particularly described in the Condominium Unit Deed. Xxxxx affirms that Xxxxx is purchasing the Unit as an owner-occupant and agrees that if Xxxxxx determines that the intent of Buyer is other than an owner-occupant during the Occupancy Period, Seller may (but does not have to) cancel this Agreement by giving written notice to Buyer.