HomeMy WebLinkAboutL 11178 P 568 CORRECTION DEED
1 Form 8002" —nergain and Sale Deed,with Covenant against Grantor's Acta—Individual or Corporation. (single sheet)
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111'7SK56)8
consisting of 6 pages
THIS INDENTURE/made the / �h- day of October nineteen hundred and ninety
BETWEEN NORTH FORK HOUSING ALLIANCE, INC. l
A Not-For-Profit corporation having 1
offices at 110 South Street
Greenport, New York 11944
party of the first part, and VINCENT E. JOLLIVER and SUZANNE JOLLIVER, his wife
P.O. Box 466, 1250 Peconic Lane
Peconic, New York 11956
DI TKVCT S*CTVON SOCK LOT
;l � FUJI = C�
N Ip
=5E, y�,~� 17 BD 20
.r~ party of the second part,
to WITNESSETH,that the party of the first part,in consideration of Ten Dollars and other valuable consideration
P c paid by the party of the second part, does hereby grant and release unto the party of the second part, the heirs
b
-i or successors and assigns of the party of the second part forever,
a) ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate,
aro lying and being in the Town of Southold, County of Suffolk and State of New
o York, more particularly bounded and described as follows:
v BEGINNING at a point on the northeasterly side of Peconic Lane where
ro l4 the same is intersected by the southeasterly side of land now or
o ,o formerly of Albert M. and Mary Ann Dinizio, said point or place of
y, a) beginning being distant 238.00 feet southeasterly as measured along
v q the northeasterly side of Peconic Lane from the corner fromed by the
ro o intersection of the southeasterly side of Carroll Avenue with the
E +J northeasterly side of Peconic Lane;
m RUNNING THENCE from said point or place of beginning along the south-
easterly side of land now or formerly of Albert M. and Mary Dinizio
d North 57 degrees 23 minutes 00 seconds East 250. 09 feet to land now
v or formerly of School District No. 5;
o M THENCE along said last mentioned land the following 2 courses and
q ,[ distances:
0 o a to ( 1 ) South 30 degrees 17 minutes 40 seconds East 101 . 44 feet;
0
J w (2 ) South 51 degrees 05 minutes 00 seconds West 252.20 feet deed,
v o �cs 252 .31 feet actual to the northeasterly side of Peconic Lane;
1.4 H o AND THENCE along the northeasterly side of Peconic Lane North 30
OH , degrees 29 minutes 00 seconds West 129 . 00 feet deed, 129. 13 feet
o .dl_, actual to the point or place of BEGINNING.
N+ m A BEING AND INTENDED TO BE a part of the premises conveyed to the
F H a party of the first part by Deed dated 8/15/89, recorded 12/6/89
in Liber 10977, cp. 462 made by the Town of Southold.
SUBJECT TO covenants and restrictions reserved by grantor on Schedule
"A" annexed hereto, which covenants and restrictions as set forth on
Schedule "A" herein are and will remain subordinate to the Southold
TAX MAP Savings Bank mortgage in the sum of $64, 600 . 00 being made of even
DESIGNATION date and recorded simultaneously herewith.
Dist. 10 0 0 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 described premises to the center lines thereof; TOGETHER with the appurtenances
Sec. 075 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
Blk. 01 the party of the second part forever.
Lot(:): 01 2 AND the party of the first part covenants that the party of the first part has not done or suffered anything
whereby the said premises have been encumbered in any way whatever, except as aforesaid.
�.�'"0'•,, AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of
F6,JRd 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
°. ,,,"•° 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.
OV 5 1990 IN WITNESS WHEREOF,the party of the first part has duly executed this deed the day and year first above
written. 110 x
IN PRESENCE OF:
n •" ° E NORTH RK HOUSING ALLIANCE, INC.
EDWARD P.ROMAINE
OF SUFFOLK COLOM 1:2_41_ �
(V
o .R E� _ .,,�D E Nov 26 1990 N
(yf) LTR,11'TR KAX /
T
1
• 11178PC570
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 Sellershallexercise its right to purchase,
legal"title to the property shall be conveyed to the
EDWARD p.00 il�f'1
AEC.�,R D ED t�ov 26 1990 aMof 6 FOLK