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Home My WebLink AboutL 11178 P 574 CORRECTION DEED ` Form 8002.4-88-20M—Rargain and Sale Deed,with Covenant against Grantor's Acte—Individual or Corporation. (single sheet) CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT—THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY. 11178PI574 11048 consisting of 6 pages THIS INDENTURE,knade the 1'.}-A^ day of October , nineteen hundred and ninety BETWEEN NORTH FORK HOUSING ALLIANCE, INC. A Not-for-Profit corporation having offices at 110 South Street, Greenport, New York 11944 RECEIVED- party 1party of the first part, and STEVEN FOSTER and NANCY FOSTER . RE,4 712 Wiggins Street GreenP6166 New York 11944 NOV 26 1390 D STRICT ��SE��CTION ��OCk LOT 55 o O o IL_LL1?l � M2 17 M ® TRSUfFO K 21 20 party of the second part, b WITNESSETH,that the party of the first part, in consideration of Ten Dollars and other valuable consideration paid by the party of the second part, does hereby grant and release unto the party of the second part, the heirs v0 or successors and assigns of the party of the second part forever, 0 A 0 ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, ooko lying and being in the Town of Southold, County of Suffolk and State of New 4Jtn York, bounded and described as follows; m. ro RBEGINNING at a point on the westerly side of South Harbor Lane, Ea) distance of 1034.55 feet southerly as measured along the westerly .% � M side of South Harbor Lane, from the corner formed by the intersection d v ^ of the westerly side of South Harbor Lane and the southerly side o a) 4 — Main Road ( S.R. 25) ; a) U 'o in m I_' w A RUNNING THENCE South 9 degrees 35 minutes 00 seconds East, along the 0 o a westerly side of South Harbor Lane, 108. 71 feet; .rq41 H v H THENCE South 77 degrees 26 minutes 50 seconds West; along land now or formerly of Anna and Steven Zebrowski, 209. 38 feet; l4 il 0rovo Ut4ro0, THENCE North 9 degrees 43 minutes 00 seconds West along land now or ro ea o "r formerly of Montgomery, 116. 54 feet; -14 }4 U r E1 a �4O) THENCE North 79 degrees 35 minutes 30 seconds East along land now or formerly of Golden, 209. 40 feet to the westerly side of South Harbor Lane, the point or place of BEGINNING. BEING AND INTENDED TO BE a part of the premises conveyed to the party of the first part by Deed dated 8-22-86, recorded 9-25-86 in Liber 10132, cp 352 made by the Town of Southold. SUBJECT TO covenants and restrictions reserved by grantor on TAX MAP Schedule "A" annexed hereto. DESIGNATION Dist, 1 000 TOGETHER with all right, title and interest, if any, of the party of the first part in and to any streets and roads abutting the above center lines thereof; TOGETHER with the appurtenances ve described premises to th Ser. 75 and all the estate and rights of the party of the first part in and to said premises; TO HAVE AND TO HOLD the premises herein granted unto the party of the second part, the heirs or successors and assigns of BIk. 3 the party of the second part forever. Lot(s): 1 4 AND_,the party of the first part covenants that the party of the first part has not done or suffered anything •�v.aa.,a whereby the said premises have been encumbered in any way whatever, except as aforesaid. AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of the first part will receive the consideration for this conveyance and will hold the right to receive such consid- eration as a trust fund to be applied first for the purpose of paying the cost of the improvement and will apply �•+.a.•j 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. NOV 5 1990 IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year first above written, IN PRESENCE OF NORTH st+e.sem ♦�a7�t,{�.`"("M _ li UII♦Idrrla6.t:;✓u,14UG.0..:R,nie':i:f..IL..,tlJ"y.:'t,.. .iu.:-. .._. ..- a..b/...;.._7 R'LlMK(fl.H USI NG LI CE, INC. toWo 44 DWARD P.fO� EC. QeoRDED NOV 26 1990 �°''f°`" SCHEDULE "A" COVENANTS AND RESTRICTIONS The conveyance hereunder shall be subject to the following restrictions which shall run with the land: I. RIGHT OF RECAPTURE The party of the second part (purchaser) , its heirs, successors or assigns may resell the premises conveyed within seven years of the date of this conveyance only under the following conditions: That the portion of the resale price in excess of the purchase price, plus the actual cost of permanent fixed improvements adjusted for the change in the consumer price index for the period for which the property was owned, plus reasonable and necessary resale expenses shall be divided between the party of the second part (purchaser) and the North Fork Housing Alliance, Inc. in the following proportions: Year of Resale Percentage to Percentage to after Purchase Owner Town 1st 0 100 2nd 20 80 3rd 40 60 4th 60 40 5th 80 20 6th 90 10 7th & thereafter 100 0 II . RIGHT TO PURCHASE The interest in the property to be conveyed to purchase will be subject to a continuing preemptive right to purchase the property vested in the Seller for a period of seven (7) years from the date of this instrument, which right would spring from purchasers intention to sell the property as more fully set forth in Section IV herein. The purchaser agrees not to sell or otherwise transfer the property except in accordance with the terms of this contract. It is mutually agreed and understood that the Seller or its successors in interest to the property shall exercise this right to purchase only for the purpose of making the property available to a person or family deemed eligible to participate in this or a similar program for affordable housing in the Town of Southold. The Seller may assign his right to purchase to an individual purchaser ("Assignee") who qualifies for an affordable housing program. Such assignment shall be made on the condition that the Assignee will take title to the property subject to a new right to purchase vested in the Seller. The Seller may designate a governmental or non-profit organization ("Designee") to administer, monitor, exercise, and assign this right to purchase. The Seller shall give the purchaser written notice of the name and address of any such Designee. In the- event-the.Seller- shall exercise its right to purchase, N/ iiegaL,ltitle .to the property shall be conveyed to the �f f til 4�r.A'a d ri iq'�6a r' M A I ift hI ._._ EDWIAFA)P.Om COIM(1'� � 't ,1EC RDED v 26 , 9U NE � . fWy+;.i........ ._._t r. Jr3cLu"+':i .ILS is 3'L. '�.