HomeMy WebLinkAboutL 11152 P 138 • Form 80021115'"rk�"Be Decd,with Covenant against Grantor's Acta—lndividual or Corporation. (single sheet)
CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT—THIS INSTRUMENT SHOULD BE USED BY LAWYERS QNLY•
pd ,r consisting of 6 pages r�0
THIS INDENTURE made the 2ivd day of October , nineteen hundred and ninety
BETWEEN NORTH FORK HOUSING ALLIANCE, INC. 7, )62
p A Not-For-Profit corporation having
J offices at 110 South Street
Greenport, New York 11944 REC�EID_
l $
REAL ESIE
party of the first part, and JOANNE PEREZ
OCT 15 t990
815 Hummel Avenue WAVER TAX
�C!{ld, New York 11971 yorrMK
D T "T SECTION C! ��7iSr-
l _ I [D M Cly -�
U 12 17 21
party of the second part,Wrf _
in consideration of
rs and other valuable
ation
paid b the part that
of the second f the part, dores part,
e hereby grant and releaseunto he party of the second part, the heirs
P Y party
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, situate,
lying and being inthe Town of Southold, County of Suffolk and State of New
York, being bounded and described as follows:
BEGINNING at the southeasterly corner of the premises hereinafter
described at a point in the northeasterly corner of other land now
or formerly of the Town of Southold;
RUNNING THENCE North 57 degrees 34 minutes 10 seconds West along
the northeasterly lines of land now or formerly of the Town of Southolt
land now or formerly of Mike & Nicolle Connolly, land of Salvatore
& Eleanor Conrordy, and land now or formerly of Gerald & Barbara
Schade, 587.21 feet;
THENCE South 73 degrees 40 minutes 20 seconds East, along the southerl,
line of land now or formerly of Irene Kavouklis, land now or formerly
Of Dan & Mary Regan, land of Howard Mann & Marie 011ie, 599 .86 feet
to the westerly line of Map of Crowley Estates;
THENCE running along the westerly line of Map of Crowley Estates,
South 28 degrees 41 minutes 30 seconds West, 166. 75 feet to the point
or place of BEGINNING.
TOGETHER with a 20 foot Right of Way for access to and from Liberty
I� Lane bounded and described as follows:
d BEGINNING at a point where the dividing line between the land of
Mike & Nicolle Connolly and land of the Town of Southold intersect
the northerly side of Liberty Lane, said point is also distant 28. 16
feet westerly from the extreme northeasterly corner of Liberty Lane;
running thence, along the last mentioned dividing line, North 32
degrees 23 minutes $0 seconds East 100 feet to the southerly line of
the above-described premises; thence, South 57 degrees 34 minutes 10
seconds East 20 feet; thence South 32 degrees 23 minutes 30 seconds
TAXMAP West 100 feet to the northerly side of Liberty Lane; thence North 57
DESIGNATION (SEE SCHEDULE "A" ANNEXED HERETO)
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. 079,06 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
the art of the second art forever.
Wk. 06.DD P Y P
Lot(0:003 .00 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" PP purpose paying P pP y
•,; as a trust fund to be applied first for the r e ofthe cost of the improvement an will a
the same first to the payment of the cost of the Improvement before using any part of the total of the same for
Fir.'W
any other purpose.
!•aa>+y. 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.
OCT 15 1990
IN PRESENCE OF:
NORTH -0 K HOUSING CE, INC.
n.
ANN, Exec. Director
RSG D�� 15 WRDP-
AOF "t't
.;
x" 1. 1115 U40
• SCHEDULE •A'
degrees 18 minutes 10 ascends most along the northerly side of
Liberty Lane, 20 foot to the point or place of aEOINNINO. --
x - ,
f. "INO AND INTENDED TO HE a part of the promises as conveyed to the
party of the first part by a Quit Claim Deed from the Town of
f' Southold, a municipal corporation of the State of New York, dated
0/15/89, recorded 12/6/89 in Liber 10977 pg. 450.
SUW9Cf To covenants and restrictions reserved by grantor below.
COVENANTS AND RR.BTRIC'�'T�+ue
The conveyance hereunder shall be subject to the following
restrictions which shall run with the land:
M'
I. RIGHT OF a • p
The party of the second part (purchaser), its hairs,
successors or assigns may resell the promises conveyed within seven
=Y years of the date of this conveyance only under the following
T conditions:
That the portion of the resale price in excess of the purchase
(bice, plus the actual cost of permanent fixed improvements
_ad�emted for the change in the consumer price index for the period —
" :tW nhich the property was owned, plus reasonable and necessa
reamhe expenses shall be divided between the party of the second
p}889t (ppnnrch8esr) and the North Fork Housing Alliance, Inc, in the
telliwino proportions:
Year of Resale Percentage to Percentage to -}
SLLEL-BILChatL owner _ .pro,,,
1st
0 100
2nds0
e
20
h 60 60
5th 60 •0
20
6th
90 30
.- 7th 6 thereafter 100 0
� II. RIONT TO roCwaaE - .
�__ 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 Sellar 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
Inn Section IV herein. The purchaser agrees not to sell or
.� otherwise transfer the property except in accordance with the terms
�'•`G 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
+x"r. Southold.
The Seller say assign his right to purchase to an individual
��. P090016"r (sAssignsee) who qualifies for an affordable housing
. '
Flagg", Such assignment shall be made on the condition that the
Assignse will take title to the property subject to a new right to
= .. Wrchase vested in the Beller.
4}
The seller may designate a governmental or non-profit
organisation ( Designee") to administer, monitor, exeecies, and
ameign this right to purchase. The Beller 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
16911 title to the property shall be conveyed to the � e~i
a� �u
r
r. �1