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HomeMy WebLinkAboutTown of Southold-Elijah's Lane .. ., ~ ;'Standan:1 N.V.B.T.V. Form. 8009 'Quhciainl Deed_Individual or Corporation ~.I 'CONSULT YOUR LAWYER ."ORE SIGNING THIS INSTRUMENT I THIS INDENTURE, made the 15th day of August I ,nineteen hun~red and ,1i;~ .ty-'nine - T~; , INSTRUMENT SHOULD BE USED IY LAWYERS ONLY I I BETWEEN Town of Southold, a municipal corporation of the State of New York having offices at Main Road, Southold, New York 11971. \ party of the first part, and North 110 So Greenp. -~~ ~~ party of the second part, WITNESSETH, that the party of the first part, in consideration of Ten dollars, lawful money of the United States, paid by the party of the second part, does hereby remise, release and quitclaim unto the party of the second part, the heirs or successors and assigns of the party of the second part forever. ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situ- ate, lying and b~ing in the Town of Southold, County of Suffolk and State of New York, and acquired by Tax Deed on March 6, 1986, from General L. Rains, the Deputy County Tre"surer of Suffolk County, New York and recorded on March 7, 1986, in Liber 99!J2, Page 559/560, and otherwise known as and by Town of Southold Sch Dist 9 N-Zaniuski Frms E-Elijahs La t:5tS S-rviain Rd-Ors ;V-Kugler-Ano. Further, notwithstanding the above description, it is the intention of this conveyance to give title only to such property as was acquired by Quitclaim Deed on August 23, 1988 from the County of Suffolk, New York, and recorded on April 5, 1989 in Liber 10830 page 30,31, 32 and 33. PROVI OED, however, that the party of the second part,' will be restricted in its use of the subject premises and will use said premises solely and exclusively for affordable housing purposes; all right, title, and interest will revert to the party of the first part, at the sole option of the party of the first part, in the event that the party of the Second part, at any time uses or attempts to use said subject premises for other than affordable housing purposes, in accordance with the approved plan submitted by the party of the second part. The reverter clauses contained herein shall apply to the grantee, or any transferee from the grantee formed pursuant to Article XIX - Affordable Home Ownership Development Program of the Private Housing Finance Law of the State of New York, or a not-for-profit corporation formed under ~402 of the Not-for-Profit Corporation Law for affordable housing purposes. Additionally, if anyone or more of the following occurs, the property secured by this deed shall revert as hereinbefore set forth: 1. If the party of the second part fails to construct or complete construction of affordable housing unit or units on said property within three (3) years from August 23, 1988. 2. If the party of the second part sells or otherwise transfers an affordable housing unit or units to a purchaser or purchasers whose total annual household income, from all sources, is above the maximum income limits for non-targeted il ~ "" areas in the State of New York Mortgage Agency's Affordable Housing Program for Suffolk County; 3. I f the party of the second part ""permits the affordable housing unit or units to be occupied by a family whose total annual income, from all sources, is above the maximum income limits for non-targeted areas of the State of New York Mortgage Agency's Affordable Housing Program for Suffolk County; II. If the party of the second part allows the total purchase price of each affordable housing unit to exceed the sum of One Hundred Thousand Dollars ($100,000.00); 5. If the party of the second part fails to certify to the Suffolk County Department of Community Development prior to closing of title with any affordable housing grantee: a) the dates of completion and occupancy for any affordable housing unit or units constructed or rehabilitated on said property ; b) the total household income, from all sources, of the purchaser or purchasers of the property and his or her family; and"' c) the total purchase price of the affordable housing unit or units sold or otherwise transferred. It is intended and agreed that the agreements and covenants herein shall be convenants running with the land and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as specifically provided herein, be to the full extent permitted by law, binding for the benefit and in favor of, and enforceable by, the party of the first part. I t is further understood that such agreement and covenants shall be binding only upon the party of the second part, if it be a municipality or any assignee of the party of the second part, formed under Article XIX of the Private Housing Finance Law of the State of New York or any affordable housing corporation created under Article 15A and 15B of the General Municipal Law of the State of New York, or any not-for-profit corporation formed under ~1I02 of the Not-for-Profit Corporation Law for affordable housing purposes, respectively, only for such period as they shall have title to or an interest in or possession of the property or part thereof. ~ .., ... '"", , ~ . ." -.;;..,.,..,. -1- " I- I f TOGETHER with all right, title and interest, if any/of the party at the first part of, in and to any streets and roads abuttmg the above-descrIbed prcIIlIses to the center hnes thereof. TOGETHER with the appurtenances and all the estate ;tnd rights of the party of the first part in and to said premises, TO IIA VE AND TO HOLD the premise, herein granted unto the party of the second part, the heirs or Sllccessors and assigns of the party of the scc:ond part forever. .,: '. , AND the party of the first part, in compliance with Section 13 of the Lien Law, hereby covenants that the party of the first part will receive the consideration for this conveyance and will hold the right to receive such consideration as a trust fund to be applied first for the purpose of paying the cost of the improvement and will apply the same first to the payment of the cost of the improvement before using any part of the total of the same for any other purpose. The word "party" shall be construed as if it read "parties" whenever the sense of this indenture so requires. IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day' and year first above written. I N PRESENCE OF: STATE OF NEW YORK, COUNTY OF On the day of personally came 19 , before me to me known to be the individual described in and who . executed the foregoing instrument, and acknowledged that executed the sam~. STATE OF NEW YORK, COUNTY OF On the 15th day of August 19 89 ,before' me personally came Francis J. Murphy to me known, who, being by me duly sworn, did depose and say that he resides at NIX Wickham A venue that hVillttbtuck, New York of e IS t e Supervisor Town of Southold ,th~ corpo";ti~n described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the board of directors of said corpora- tion, and that he signed his name thereto by like order. ~~~;Y- JUomn: TERRY Notary Public, Stste of New York No. 52-0344963 OU8lUiod in Suffolk County 0/ Commission expires May 31. 19"?,-, <!ftuitclaim :meeb TITLE NO. TO STAHDUD FDRII Of NEW YDRI lOUD OF TITlE UNDERWRITERS Distributed by CH.C....GO TITLE INSUR....NCE COMPANY 55: STATE OF NEW YORK, COUNTY OF On the day of personally came 55: 19 , before me to me known to be the individual executed the foregoing instrument, executed the ,same. described in and who and acknowledged that ~ f,.' 55: STATE OF'NEW YORK, COUNTY OF 55: " On the day of 19 , before me personally came the subscribing witness to the foregoing instrument, with whom I am personally acquainted, who, being by me duly sworn, did depose and say that he resides at No. that ,he knows to be the individual described in and who executed the foregoing instrument; that he, said snbscribing witness, was present and saw execute the same; and that he, said witness, at the same time subscribed h name as witness thereto. SECTION BLOCK LOT COUNTY OR TOWN Recorded .t Request of CHICAGO TITLE INSURANCE COMPANY R~turn by Mail to P. 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