NAVEJAS, MARIA AND MANUEL - Laserfiche WebLink

Home Browse Search

BK 13848po 392 2. Value of Leased Land. CITY and FAMILY agree that the value of said leased land is Twenty --Five Thousand Dollars & No Cents ($25,000.00 ) as of April 18, , 1980 3. Term of Lease: Said leased land is leased for the term of 55 years, commencing on 1980 and subject to earlier termination as herein provided. 4. Rental. Except as otherwise provided in this paragraph 4, FAMILY agrees to pay to CITY as.rental for the use and occupancy of said leased land, the sum of $1,250.00 per year, which is five percent (50) of the value of said leased land as specified in this Lease. Said rental is due and payable in arrears each year on the anniversary date of the insured mortgage concurrently executed on improvements affixed by FAMILY to said leased land. So long as there is no change in title to said leased land or the improvements situate thereon, all but One Dollar ($1.00) per year of said sum shall be forgiven for the first five (5) years of the term hereof. Said forgiveness shall continue thereafter if, and for so long as, FAMILY qualifies for assistance payments from the Department of Housing and Urban Development under the provisions of the assistance payments contract for FAMILY'S "Section 235" insured mortgage on the improvements affixed by FAMILY to said leased land. 5. Option to Purchase Land. Except as hereinafter other- wise provided, FAMILY is granted the option, upon thirty (30) days written notice to CITY, to purchase the fee simple title to said leased land at the appraised value thereof specified in hereinabove paragraph 2, plus any and all yearly lease payments forgiven pursuant to hereinabove paragraph 4. Said option may only be exercised by a person or persons of low or moderate income as defined in the "Code of Federal Regulations" [24 CFR 570.3(o), or otherwise, as applicable]. 2.