R2007-33 AUTHORIZING TRANSFER OF REAL ESTATE

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• . J 7. Prior to settlement, the BUYERS shall execute a quit claim deed signed by the BUYERS, conveying BUYERS interest in the property back to SELLER. SELLER shall record said deed only in the event that BUYERS a) fail to bring the property up to standards established by City Code within six (6) months of the date of settlement; or, b) lease the property to any but low or moderate income households for a continuous six year period commencing with the date the property is first leased; or, c) convey the property without SELLER'S prior written consent. Once BUYERS have complied with these conditions, SELLER shall return the said quit claim deed to BUYERS and shall thereafter have no further claim in the premises. 8. BUYERS shall rehabilitate the property to standards established under the City Code of Decatur. BUYERS shall demonstrate to SELLER the ability to finance the rehabilitation of structures on the property to city code. Financial ability shall be demonstrated in the form of a guaranteed bank loan, credit line or letter of credit from a recognized financial institution, cash reserves and/or other programs deemed sufficient by the City of Decatur. 9. Once the property has been brought up to standards established by City Code, BUYERS shall attempt to lease the property to low or moderate . income households for a minimum of six years from the date of this contract. BUYERS shall not convey the property without the prior written approval of SELLER. 10. At settlement, SELLER shall deliver to BUYERS a quit claim deed, conveying and relinquishing SELLER'S entire interest in the property, subject to the restrictions and requirements of this AGREEMENT, in such form and together with such documentation as shall be required for recording said deed. BUYERS shall pay the cost of recording with the Recorder of Deeds any documents necessary to complete transfer of ownership, including lien releases. , 11. SELLER shall be under no obligation to conduct an environmental site audit to complete this transaction, and to the fullest extent permitted by law, BUYERS shall indemnify and hold SELLER harmless from any and all claims alleging environmental defects on the property. � 12. Notice given or required under this contract must be given in one of ' the following forms: (i) Personally; (ii) By certified mail, return receipt requested, properly addressed and all charges prepaid; or, (iii) By express delivery with charges prepaid and addressed to the appropriate party at the address set forth below. 2