HomeMy WebLinkAboutL 11436 P 586 `. CONfYLT Yours LAwran soon aaNNO TNs R4TRIt WJW TM BwT'"AWT"0"N U50 by LAWY11" ONLY.
11436P6'586 ,
TkM h(NDFXn)M side the II- dsy of ,nineteen hundred and ninety-erre
BETWEEN the TOWN OF SOUTHOLD, a municipal corporation of the State of New York,
County of Suffolk, having its principal office at 53095 MainRoad,�.Soufhold� .N w
UYork 11971, Rtl,Ll�(�
TRf NSl1:_R iAX
� SUFFOLI(
COU Nl Y
first
((� (�.� party of the Part, and the NORTH FORK HOUSING ALLIANCE, having its principal office
�p n/1� at 18 South Street, Greenport, New York 11944,
' ✓ Y/1 �riGi�J�Y
L sCT SECTION '>
flot
L i-i ✓-
1( party of the second part,
WrZWES SEM that the party of the first part,in consideration of OM_ 0'0 1`ar
dollars,
lawful money of the United States, paid
by the Party of the second part, does hereby remise, release and quitclaim unto the party of the second part,
the heirs or successors and assigns of the party of the second part forever,
plot, lace or parcel of land, with the buildings and improvements thereon erected, eituat4
M\
ALL that certain , P
V ` \ County of Suffolk and State of New York, and
lying and being in the Town of Southold,
`\ 1 acquired by Tax Deed on May 14, 1987, from the County of Suffolk, New York, and
\ recorded on May 14, 1987 in Liber 10318, Page 541, and otherwise known as and by
Town of Southold, Greenport Driving Park Map 369, Lot 83,
'_ .�k::,,r•' FURTHER, notwithstanding the above description, it is the intention of this
h property as was acquired by the Town of
conveyance to give title only to suc
„blCt
Southold by Tax Deed on May 14, 1987, from the County of Suffolk, New York, and
recorded on May 14, 1987 in Liber 10318, Page 541.
DISTRICT PROVIDED, however, that the party of the second part, will be restricted in its
1000 use of the subject premises and will use said premises solely and exclusively
for affordable housing purposes; all right, title, and interest will revert to
SICrION the party of the first part, at the sole option of the party of the first part,
048.00 in the event that the party of the second part, at any time uses or attempts to
use said subject premises for other than affordable housing purposes, in
BE accordance with the approved plan submitted by the party of the second part.
02.00 The reverter clauses contained herein shall apply to the grantee, or any
transferee from the grantee formed pursuant to Article XIX - Affordable Home
LOT Ownership Development Program of the Private Housing Finance Law of the State of
024.000 New York, or a not-for-profit corporation formed under 5402 of the
Not-for-Profit Corporation Law for affordable housing purposes.
Additionally, if any one or more of the following occurs, the property secured
by this deed shall revert as hereinbefore set forth:
1. If the party of the second part fails to construct or complete construction
of affordable housing unit or units on said property within three (3) years from
the date of this deed;
2. Tf "f f ". .....A nArh aPlla nY nthcr+niao hTAnsfers an affordable
tNow p NOMAN :al annual household
RECORDED
MAR 19 1992 (p,W OF KNVMK 06W s for non-targeted
_ „aw wrx Morcyaye ry=..', - ---- Housing Program for
Suffolk County;
'e