Development of Property. ▇▇▇▇▇ agrees, at BUYER’S expense, to develop the Property by completing constructing a single-family home on the Property suitable for occupancy within twenty-four (24) months from the date the deed conveying the Property from SELLER to BUYER is filed with the Marshall County Recorder, subject to such reasonable extension(s) BUYER and SELLER may mutually agree upon, in writing. The requirement that BUYER construct a home on the Property shall not preclude BUYER from moving a home to the Property from another location. BUYER’S development of the Property shall comply with all relevant provisions of the City Code of the City of Marshalltown and BUYER shall obtain all necessary permits and undergo all necessary inspections. Until such time development of the Property is complete and a certificate of occupancy issues, BUYER shall not encumber the Property by lien, mortgage, or other similar debt obligation, nor sell the Property to a third-party, without the express written consent of SELLER. The provisions of this Agreement, generally, and this Paragraph, specifically, shall survive closing.
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Sources: Real Estate Purchase Agreement, Real Estate Purchase Agreement, Real Estate Purchase Agreement