1983-02-14-STM-min - Laserfiche WebLink

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{(fir (Special Town Meeting - February 14, 1983.) Article 2. Memorandum of Understanding (Cont.) (Cont.) additional $5,000 for an average price of $69,750 and may be marketed by the Developer without the Deed Restrictions. Thereafter, the Developer may further increase the average selling prices provided the Developer limits such price increases to increases of not more than $2000 per month per dwelling unit plus any buy down or other pay- ments made for the purpose of qualifying the purchaser with a lender. Five percent of any such sales price shall be returned to the Town as an increase in the original acquisition price. 7. Unit Sales Obligat The Developer may choose to initiate construction prior to achieving pre -sales equal to 30% of the units. For any unit for which a purchase and sale agreement is executed but not exercised that unit shall be priced according to the schedule in Section 6 as if it were never under a purchase and sale agreement. 8. Minimum Number of A Units Guaranteed. Notwithstanding anything to the contrary herein, the Developer agrees that, regardless of the time of sale, 400 of the units other than the manager's unit shall be sold subject to the Deed Restrictions. If such unit is conveyed pursuant to a purchase and sale agreement entered into prior to the expiration of 90 days from the Completion of Construction, the price of such unit shall be restricted by whichever of Sections 6(a), 6(b) or 6(c) is applicable the date of the purchase and sale agree- ment. If 40% of the units have not been sold with these restrictions within 90 days of the Completion of Construction the selling price of the balance of the units that must be sold to meet said 40% figure may be increased over the prices established in Section 6(c) hereof by the same amount that such prices would be allowed to increase pursuant to the Deed Restrictions if such unit had sold on the nine- tieth day after the Completion of Construction, prorated on a daily basis. 9. Inc Qualificat of B The Developer agrees to sell units under the provisions of paragraph 6(a), (b) and (c) hereof only to buyers who qualify under the following income guide- lines. Buyer income shall be determined by the average of the buyer's adjusted gross income on his two previous Federal income tax returns less all medical expenses during said period in excess of three percent of the average adjusted gross income. Prior to the expiration of 90 days after Completion of Construction, the Buyer's annual income shall not exceed the following amounts: 1 person household $35,000 2 person household 40,000 3 person household 41,500 4 or more person household 43,000 plus $1,500 for ea.ch person in excess of 4. 10. Deed Restrictions. The Developer agrees that all units sold under paragraphs 6(a), (b) and (c) hereof or pursuant to the guarantee set forth in paragraph 8 hereof shall be sold subject to Deed Restrictions which limit the resale prices and are intended to assure a relative position of future affordability. The Deed Restrictions will restrict resale prices to the initial purchase price of the unit (including the cost of any options selected by the purchaser) increased by 4.0 percent per year compounded annually (the Maximum Resale Price). The Deed Restrictions shall also limit the annual income of purchasers at the time of the conveyance to an amount not in excess of the following percentages of the Maximum Resale Price: 1 person household 58.3% 2 person household 66.7° 3 person household 69.2% 4 or more person household 71.7% plus 2.5 for each person in excess of 4