The URL can be used to link to this page

Home My WebLink AboutL 11178 P 580 CORRECTION DEED •_ Form 8002.4-88-2011-1311rgain iu,d Bale Dv,d. 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. 11178P6"580 11049 consisting of 6 pages THIS INDENTURE,/made the / -&- day of October ., nineteen hundred and ninety BETWEEN NORTH FORK HOUSING ALLIANCE, INC. A Not—For—Profit corporation having offices at 110 South Street 1 104J ) Greenport, New York 11944 RECTI party of the first part, and SUSAN MACKENZIE REAL ESTATE P.O. Box 1940 No=' Mo,In S}• Southold, NY 11971 NOV 28 I-g�� IRAN'-ER TAX SUFFOLK LOLINly L U'v vuJ party of the second part, WITNESSETH,that the party of the first part, in consideration of Ten Dollars and other valuable consideration •o paid by the party of the second part, does hereby grant and release unto the party of the second part, the heirs 0 b or successors and assigns of the party of the second part forever, tD a) ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, E to q q lying and being in the Town of Southold, County of Suffolk and State of New 0 o 0 York being more particularly bounded and described as follows: yI 4-1 LO v= BEGINNING AT A POINT on the northerly side of Hiawatha ' s Path where M= a the same is intersected by the easterly side of land now or formerly to of Helen Veritz; said point or place of beginning being also distant a � 271 . 50 feet easterly as measured along the northerly side of Hiawatha ' s rod Path from the northwesterly end of a tie line which tie line connects v .� the northerly side of Hiawatha ' s path with the easterly side of to 0 Nakomis Road; '0m l4 o 0 o A RUNNING THENCE from said point or place of beginning along the easterly .1400) side of land now or formerly of Helen Veritz and land now or formErly H a of Theodore Shimlick and Bridget Shimlick, north 5 degrees, 45 minutes, 00 seconds west 297. 95 feet to the southerly side of land now or o ro o formerly of the Town of Southold; c t4 to 1- o p THENCE along said last mentioned land the following two courses and h"-1 10 0 0 distances : P4 p 1 ) North 84 degrees, 21 minutes, 00 seconds east 133 . 51 feet; 2 ) South 6 degrees, 41 minutes, 00 seconds east 298. 00 feet to the northerly side of Hiawatha ' s Path and; THENCE along the northerly side of Hiawatha ' s Path, south 84 degrees, 21 minutes, 00 seconds west 138 . 37 feet to the point or place of BEGINNING. BEING AND INTENDED TO BE a part of the premises conveyed to the party TAXMAP of the first part by Deed dated 8-15-89, recorded 12-6-89 Liber 10977 DESIGNATION cp 448 made by the Town of Southold. Subject to covenants and* 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 See. 078vo 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 Illk. 03.Do the party of the second part forever. *restrictions reserved by grantor on Schedule "A" annexed hereto. Lot(s): 051,001 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. 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 ",."" •.� 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. 46J;,q The wort) "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. -=IN FRESENCE OF: ._ - . OV , 5 199 NORTH FORK U IANCE, INC. CLEW OF su1 Fax GolMif fliEC. ,RDED gay 261990xec. irec or �: 111"18PC582 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, P1egalF:title to the property shall be conveyed to the EDWARD P.AOMNNE A E CAR D E D Nov 26 1990 a>�OF�� :.W�r..+.. ;LwSy:.,...'. ;......:1. ILidc sa..:.iL.S u.:J Y'F'F F•. .:b:+.J. ..:n . F..