This Declaration of Restrictive Covenants - Troy Gardens Case Study

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commencement of the term of this Declaration is $ ___________. ii. iii. Initial Appraised Value. The parties agree that the appraised value of the Property at the time of Purchaser’s purchase (“Initial Appraised Value”) is $__________, as documented by the appraiser’s report attached to this Declaration as Exhibit C INITIAL APPRAISAL. Increase in Market Value. The increase in market value of the Property equals the appraised value of the Property at time of sale, calculated according to Subsection 4.f. above, minus the Initial Appraised Value. iv. Purchaser’s Share of Increase in Market Value. “Purchaser’s Share of Increase in Market Value” of the Property equals twenty-five percent (25%) of the increase in market value as calculated above. v. Summary of Formula Price. The Formula Price equals Purchaser’s Purchase Price plus Purchaser’s Share of Increase in Market Value. l. Qualified Purchaser’s New Declaration. An Income-qualified Person who purchases the Property in accordance with the provisions of this Section 4 shall enter into a new declaration with Seller, which new declaration shall be substantially the same as this Declaration in the rights, benefits and obligations assigned to Purchaser and Seller. 5. Right of First Refusal. Seller shall have a right of first refusal to purchase the Property, or any portion thereof, from time to time at the highest documented bona fide purchase price offer made to Purchaser. Such right shall be as specified in the Exhibit D FIRST REFUSAL. Any sale or transfer contrary to this section, when applicable, shall be null and void. 6. Assignment. Seller may assign all of its rights, titles, interests, obligations and liabilities in, to or under this Declaration at any time to the CLT, if Seller is not the CLT, or to any nonprofit or government entity. Seller shall provide written notice of any such assignment to Purchaser. Purchaser may not assign any of Purchaser’s rights, titles, interests, obligations or liabilities in, to or under this Declaration at any time without the prior written consent of Seller, which may be withheld in Seller’s sole discretion. 7. Term. The term of this Declaration shall continue for a period of ninety-eight (98) years from the date hereof. 8. General Provisions. a. Membership in CLT. Purchaser shall automatically be a regular voting member of the CLT.
. Notices. Whenever this Declaration requires either party to give notice to the other, the notice shall be given in writing and delivered in person or mailed, by certified or registered mail, return receipt requested, to the party at the address set forth below, or such other address designated by like written notice: i. If to Seller: [MACLT Troy Gardens Residential Parcel, LLC, c/o] Madison Area CLT Corporation, 305 South Paterson Street, Madison, Wisconsin 53703; Attention Executive Director; and ii. If to Purchaser: , _____ Troy Drive, Madison, Wisconsin 53704. All notices, demands and requests shall be effective upon being deposited in the United States Mail or, in the case of personal delivery, upon actual receipt. c. No Brokerage. Purchaser warrants that Purchaser has not engaged any broker in connection with the acquisition of the Property, and in the event any claim is made against Seller relative to dealings with brokers Purchaser shall defend the claim against Seller with counsel of Seller’s selection and save harmless and indemnify Seller on account of loss, cost or damage which may arise by reason of any such claim. d. Severability and Duration of Declaration. If any part of this Declaration is unenforceable or invalid, such material shall be read out of this Declaration and shall not affect the validity of any other part of this Declaration or give rise to any cause of action of Purchaser or Seller against the other, and the remainder of this Declaration shall be valid and enforced to the fullest extent permitted by law. It is the intention of the parties that their respective rights under this Declaration shall continue in effect for the full term of this Declaration and any renewal thereof, and such rights shall be considered to be coupled with an interest. In the event it shall have been determined by a court of competent jurisdiction that any of the interests conveyed or assigned or purported to be conveyed or assigned herein are void as against any rule against perpetuities or Chapter 700 of the Wisconsin Statutes, or its successor, the live or lives of such interest or interest shall be deemed without any further action on the part of any party to be the longest life or lives possible without violation of any such rule or statute, as it is the intention of the parties hereto that the interest conveyed herein shall not be in violation of any such rule or statute. e. Waiver. The waiver by Seller at any given time of any term or condition of this Declaration, or the failure of Seller to take action with respect to any breach of any such term or condition, shall not be deemed to be a waiver of such term or condition with regard to any subsequent breach of such term or condition, or of any other term or condition of the Declaration. Seller may grant waivers in the terms of this Declaration, but such waivers must be in writing and signed by Seller before being effective. f. Construction. Whenever in this Declaration a pronoun is used it shall be construed to represent either the singular or the plural, masculine or feminine, as the case shall demand.
Page 1 and 2: Document Number DECLARATION OF REST
Page 3 and 4: ecordable form, a subordination of
Page 5: such notice, Seller may either proc
Page 9 and 10: STATE OF WISCONSIN ) ) SS. COUNTY O
Page 11 and 12: LETTER OF ACKNOWLEDGMENT I, _______
Page 13 and 14: Exhibit C INITIAL APPRAISAL MADI_66

This Declaration of Restrictive Covenants - Troy Gardens Case Study

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