S Grant Agreement Housing Trust Fund – Approve Transfer of Appropriation

Browse Search

5. Habitat agrees to pay OCHLT a Development Fee of$1,500 for development rights to the property. 6. Habitat shall be solely responsible for supervising and otherwise assuring the safe and timely construction of the Dwelling Unit per the terms of the Construction Contract. 7. The Purchase and Sales Contract between Purchaser and OCHLT shall: a) Be in the amount of the value of the improvements as determined by an appraisal upon the completion of construction. b) Include as an exhibit,a copy of the form of the OCHLT Ground Lease Agreement. c) Reference the intent of this MOU(Le. that the Property's underlying land will be owned by the OCHLT and leased to the Purchaser per the terms of the OCHLT Ground Lease Agreement and Performance Agreement). d) Include a letter of stipulation and attorney's declaration to this MOU providing no more than 10 business days for the Purchaser to obtain independent advice as to the nature of the OCHLT Program within which period Purchaser may elect, in writing, to declare the Contract null and void and be entitled to the return of any earnest money deposit held on account of the Contract;require that Purchaser,prior to closing, successfully complete or otherwise provide evidence of having successfully completed a first time homebuyer education curriculum taught by a ccrtiified instructor. , 8. Legal expenses for drawing up Memorandum of Understanding and Construction Contract will be borne by OCHLT. 9. Any conflicts between Habitat and OCHLT arising from changes in the organizational policies or procedures of either party will be resolved ip.good faith. Either party may terminate this MOU at any time with 5 business day's written notice to the other party,until the Construction Contract between OCHLT and Habitat is signed Alter the Construction Contract is signed, both parties"agree to be bound by the terms of the Construction Contract. OCHLT By: 74- Date: 9V4q ZMt Habitat Bx/ ` Date: -2.5-o'L. 4