Eligible Purchaser definition
Examples of Eligible Purchaser in a sentence
Notwithstanding the foregoing, this Agreement shall terminate upon the sale of the Unit to an Eligible Purchaser and the recording of a Deed Rider, a Certificate of Compliance, and the Acceptance signed by the Trust, with the deed to the Unit.
All responsibility of the Developer under this Section shall terminate upon the construction of the Unit and the sale of the Property to an Eligible Purchaser in accordance with the terms of this Agreement.
The Developer shall commence construction of the Units within one hundred eighty (180) days from the Date of Recording and complete said construction and sell the Unit to an Eligible Purchaser within twenty-five (25) months from said Date of Recording, all in accordance with the terms of this Agreement.
The Town’s Right of Entry shall be deemed released and of no further force and effect upon the recording of a deed for the Unit from the Developer to an Eligible Purchaser, attaching to said deed an affordable housing Deed Rider, a Certificate of Compliance issued by the Trust, and, at the Trust’s option, an Acceptance of Restriction signed by the Trust.
The deed to the Eligible Purchaser shall include a Deed Rider substantially similar in form and content to the document attached hereto as Exhibit A and incorporated herein or in such other form as acceptable to the Trust and to EOHLC under LIP, ensuring that the Unit will stay affordable in perpetuity and count toward the Town of Upton’s Subsidized Housing Inventory.