HomeMy WebLinkAboutL 10977 P 456 .munnt x i u 1 u 1mu1 X'un (txi'Aa m Ir.-.1-In,liviau,d ocugxnaiiuu
CONSU,T /UOS LAWYER BEFORE SIGNING. THIS INSTRUMENT —STI IS INSTRUMENT SHOULD RE USED-r-t1rWTERlONLY
THIS 11".IILNTUR E, aiadc the ISth tidy of August u'ucteeu hundred and ii Z11 Ay-.nine
y,5CD
BETN\'i•:EN Town of Southold, a municipal corporation of the State of New York
havinc; offices at Main Road, Southold, New York 11971
SIECTION CK LOT
DISqLO
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�t 17
Party „I '.11, ""St 1,:i'I, :Rid North Fork Housing Alliance, I nc.
110 South Street
I Greenport, New York 11944
t ,
ParAy.d dw vcuud pari,. of i}i l iK .,.
WITNWabf:l'll, that lite 1,it of the first Iran, u, rollsid,r,:0 i"" of Ten
d - dollars,
lawful 'nuuc) of the Iloited Sl:ucS, paid
by ill(- I,ii i y 4 tlhc ,ecmid pall, docv hereby remise, release .Ilid 'lttil' lain) unto the party of the second part,
the Ilei' or s�w,,rs,ois .,od assigns 01 the darty.of the seeoud I);,,t forever, .
AL1, II,.'1 rt nallt 1,101, pivcC ur parcel of.laud, with the I,uildings antt.iuyiluvculculs lhelvou enacted, situ-
ate, lyw,, and I&itig ill Ike Town of Southold, Cliu:lty of Suffolk and State of New York,
V and :Inquired by To,, 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,
4 in Libsr 9902, Page 559/560, and otherwlt known as and by Town of Southold
1,
Sch Dist 9 N-Zar'iusKi Frms E-Elijahs La L ,tt=. Miain Rd-Ors IN-Kugler-Ano.
,
D 1 urther, notwithstanding the above description, it is the intention of this
convoyance to give. title only to such property as was acquired by Quitclaim Deed
on Auilust 23, 1988 from the County of Suffolk, New York, and recorded on
April b, 1989 in Liber 10830 page 30,31, 32 and 33.
PROVIDED, however, that the party of the second part, will be restricted in
its us:a of the subject premises and will use said premises solely and exclusively
4 for afiordable 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
`1 event that thepartyof the Second part, at any time uses or attempts to use
V 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
clause:; contained herein shall apply to the erantee, or any transferee from the
grantee formed pursuant to Article XIX - Affordable Home Ownership Development
Progr m of the Private Housing Finance Law of the State of New York, or a
not-for-profit corporation formed under 4402 of the Not-for-Profit Corporation
Law fuc affordable housing purposes.
f:dditionally, if any one or more of the following occurs, the property
secured by this deed shall revert as hereinbefore set forth: rr;•..
t . 1, tit e party of the second part fails to construct or complete construction
of allurtia1
31e housing unit or units on said property within three (3) years from
Augusr 23, 1988.
U" 1989 WUM U HOL ` erwise transfers an affordable
L ey pL(Qt•SLF'FWC'.�'!: • s whose total annual household
t ` fncotl., , anal ail nourcub, , u,c MCA, timome limits for non-targeted