2016-194 - Laserfiche WebLink

Home Browse Search

A TRUE CCPY GERTINCA11'0N CN LAST PAGE '.R. S.10ITH, CLERK EXHIBIT "A' SUBJECT TO that certain reversionary interest in the Grantor as set forth in paragraphs 1.1; 3.1; and 9.1(a) of that certain "AGREEMENT BETWEEN INDIAN RIVER COUNTY AND EVERY DREAM HAS A PRICE, INC. FOR DONATION OF SURPLUS COUNTY OWNED LANDS" by and between Grantor and Grantee (therein styled "Applicant") dated June 2, 2009, excerpts of which are attached hereto and made a part hereof as Exhibit "B", and a complete copy of which is on file with the office of the Clerk to the Indian River County Board of County Commissioners and the Indian River County Community Development Department; and SUBJECT TO RESTRICTIVE COVENANTS RUNNING WITH THE LAND As to the Lot hereinabove granted, Grantee covenants and agrees, by accepting and placing this Deed of record in the public records of Indian River County, Florida, that Grantor conveys the Lot to Grantee with the following restrictions ("Restrictions") that run with the land and touch and concern both the Lot and any and all single family or multi family residential dwelling rental units constructed on the Lot: For the purposes of this Deed, the Lot as improved with the single family or multi family residential dwelling rental units is herein referenced as the `Property", and any one individual rental unit is herein referenced as a "Rental Property Unit": 1. Use of Property. Each Rental Property Unit shall be used solely for residential rental purposes. The Rental Property Unit may not be used for any non-residential purposes whatsoever, except for home office uses permitted by applicable zoning regulations. 2. Definitions. The following terms as used in this Deed shall have the meanings given below: 2.1. "Rented" means execution of a Rental Agreement between the Grantee as landlord and the Tenant for one of the Rental Property Units at a Rent that is Affordable. 2.2 `Tenant' means the natural person who has or natural persons who have: (a) Rented the Rental Property Unit to use and occupy as the principal residence of the household; and (b) a household Adjusted Gross Income (as defined herein) that qualifies as Very-Low-Income or Low- Income (as such terms are defined in Florida Statutes section 420.0004). 2.3. "Adjusted for Family Size" means adjusted in a manner which results in an income eligibility level which is lower for households with fewer than four people, or higher for households with more than four people, than the base income eligibility determined as provided in Florida Statutes section 420.0004(1) based upon a formula as established by the United States Department of Housing and Urban Development. 2.4. "Adjusted Gross Income" means all wages, income from assets, regular cash or noncash contributions or gifts from persons outside the household, and such other resources and benefits as may be determined to be income by the United States Department of Housing and Urban Development, Adjusted for Family Size (as defined herein), less deductions allowable under section 62 of the Internal Revenue Code. "Adjusted Gross Income" is calculated on an annual basis. 2.5. "Affordable" is defined to mean that monthly Rent payments do not exceed 30 percent of the annual Adjusted Gross Income for a household that is Very-Low-Income or Low-Income (as such terms are defined in Florida Statutes section 420.0004). 2.6. "Rent* means the periodic payments due to the Grantee as landlord from the Tenant for occupancy under a Rental Agreement and any other payments due to the Grantee as landlord from the Tenant that are designated as rent in the Rental Agreement. 2.7. "Rental Agreement" means any legally binding written residential lease agreement, including amendments or addenda, between the Grantee as landlord and a Tenant, providing for use and occupancy of a Rental Property Unit. 3