Common use of Deed Restrictions Clause in Contracts

Deed Restrictions. (a.) The Deed shall contain a “declaration of condition subsequent” imposing the following restrictions on the Purchase of the Property, which restrictions shall run with the land and is binding on the Purchaser and subsequent owners for the time limits prescribed: (i) The Grantee of any subsequent Purchaser/Assignee shall pay all tax obligations due on the date the Deed is issued and shall keep current payment on all tax obligations for the two years following the date the Deed was issued. (ii) The Grantee or any subsequent Purchaser/Assignee shall either demolish the Property within six months following the date of the Deed or maintain and secure the Property for two years following the date of the Deed from Grantor in accordance with local building, health and public safety ordinances. (iii) The Grantee shall obtain a Certificate of Occupancy in accordance with the municipality’s building, health and public safety ordinances within six months following the date of the Deed. (iv) The Grantee or any subsequent Purchaser shall occupy the Property as a principal residence for a minimum of two years following the date of issuance of a Certificate of Occupancy from the municipality. (v) Failure of the Grantee or subsequent Purchaser/Assignee to comply with the above sections (i) through (iv) above or to cure the default within 30 days of written notice may result in a reversion of the title of the Property to the Wayne County Treasurer, or assigned to the County of Wayne, City or Township where the property is located, at the discretion of the Wayne County Treasurer. The Right of Reversion of title shall reinstate fee simple absolute title to the Wayne County Treasurer or its assignee within 30 days of failure to cure default, unless extended at the Wayne County Treasurer’s sole discretion. Written notice of default and failure to cure default addressed to the Grantee and mailed to the Grantee’s address as written on the Deed shall be notice to any subsequent Purchaser/Assignee, unless a copy of the Property Transfer Affidavit (PTA) that was filed with the City of Melvindale Assessor and which includes any change of mailing address is hand delivered to and signed as received by the Wayne County Treasurer or designated representative. DURING THE TAX YEARS THAT THE CONDITIONS SUBSEQUENT APPLY, THIS PROPERTY SHALL NOT BE SOLD, CONVEYED OR TRANSFERRED UNLESS ALL TAXES ARE PAID IN FULL. VIOLATORS SHALL BE PERSONALLY LIABLE TO PURCHASER AND/OR THE GRANTOR FOR DAMAGES AND AGREE TO SUBMIT TO THE JURISDICTION OF THE COURTS IN THE STATE OF MICHIGAN.

Deed Restrictions. (a.) The Deed shall contain a “declaration of condition subsequent” imposing the following restrictions on the Purchase of the Property, which restrictions shall run with the land and is binding on the Purchaser and subsequent owners for the time limits prescribed: (i) The Grantee of any subsequent Purchaser/Assignee shall pay all tax obligations due on the date the Deed is issued and shall keep current payment on all tax obligations for the two years following the date the Deed was issued. (ii) The Grantee or any subsequent Purchaser/Assignee shall either demolish the Property within six months following the date of the Deed or maintain and secure the Property for two years following the date of the Deed from Grantor in accordance with local building, health and public safety ordinances. (iii) The Grantee shall obtain a Certificate of Occupancy in accordance with the municipality’s building, health and public safety ordinances within six months following the date of the Deed. (iv) The Grantee or any subsequent Purchaser shall occupy the Property property as a principal residence for a minimum of two years following the date of issuance of a Certificate of Occupancy from the municipality. (v) Failure of the Grantee or subsequent Purchaser/Assignee to comply with the above sections (i) through (iv) above or to cure the default within 30 days of written notice may result in a reversion of the title of the Property to the Wayne County Treasurer, or assigned to the County of Wayne, City or Township where the property is located, at the discretion of the Wayne County Treasurer. The Right of Reversion of title shall reinstate fee simple absolute title to the Wayne County Treasurer or its assignee within 30 days of failure to cure default, unless extended at the Wayne County Treasurer’s sole discretion. Written notice of default and failure to cure default addressed to the Grantee and mailed to the Grantee’s address as written on the Deed shall be notice to any subsequent Purchaser/Assignee, unless a copy of the Property Transfer Affidavit (PTA) that was filed with the City of Melvindale Assessor and which includes any change of mailing address is hand delivered to and signed as received by the Wayne County Treasurer or designated representative. DURING THE TAX YEARS THAT THE CONDITIONS SUBSEQUENT APPLY, THIS PROPERTY SHALL NOT BE SOLD, CONVEYED OR TRANSFERRED UNLESS ALL TAXES ARE PAID IN FULL. VIOLATORS SHALL BE PERSONALLY LIABLE TO PURCHASER AND/OR THE GRANTOR FOR DAMAGES AND AGREE TO SUBMIT TO THE JURISDICTION OF THE COURTS IN THE STATE OF MICHIGAN.