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SILVERSTONE COMMUNITIES
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LONG TERM AGREEMENTS
LONG TERM AGREEMENTS - DOCUMENT DATE
3/7/2006
LONG TERM AGREEMENTS - NAME
SILVERSTONE
LONG TERM AGREEMENTS - TYPE
MISC AGMT
LONG TERM AGREEMENTS - RECORD SERIES
704-06 (Long Term Agreements)
LONG TERM AGREEMENTS - DESTRUCTION DATE
PERMANENT
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B. Developer shall use commercially reasonable measures to require that the <br /> Affordable by Design Units will be owner occupied for at least 1 year from close of escrow, <br /> subject to the Hardship Exceptions described below. Such restriction will be included in the <br /> sales agreements for such units to the extent permitted by the State Department of Real Estate. <br /> C. Developer shall use commercially reasonable measures to restrict the resale of <br /> the Affordable By Design Units for at least one year from the close of escrow, subject to the <br /> Hardship Exceptions described below. <br /> D. Exterior and interior finishes, landscaping and amenities including appliances, <br /> carpeting, electrical fixtures, hardware countertops, etc., for the Affordable By Design Units <br /> shall be consistent with the other units in the Project. <br /> E. Developer, with cooperation from the City, shall market and sell the <br /> Affordable By Design Units. <br /> F. As used herein, "Hardship Exceptions" shall mean (1) a transfer resulting <br /> from the death of a purchaser(or of one of the purchasers if there are two or more purchasers) or <br /> the death of a dependent who had been living with a purchaser(s); (2) inter-spousal transfers or <br /> transfers between purchasers; (3) a transfer resulting from the decree of dissolution of marriage <br /> or legal separation or from a property settlement agreement incident to such decree; (4) a transfer <br /> by a purchaser into a trust in which the purchaser or spouse or dependent of a purchaser is a <br /> beneficiary; (5) the transfer, conveyance, pledge, assignment, or other hypothecation of the <br /> property to secure the performance of an obligation, which transfer, conveyance, pledge, <br /> assignment, or hypothecation will be released or reconveyed upon the completion of such <br /> performance; and (6) a transfer by a purchaser where(a) at the time of transfer a purchaser is <br /> occupying the property as the purchaser's principal place of residence, and(b) the transfer is <br /> necessary to facilitate, or is reasonably required as a result of, (i)purchaser's relocation of the <br /> purchaser's principal place of residence in order to accommodate a job transfer required by the <br /> purchaser's employer, (ii) a change in employment of the purchaser, or(iii) a change in the <br /> employment status of the purchaser. <br /> [SIGNATURE PAGE FOLLOWS] <br /> Page 3 <br />
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