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. . • <br /> il - IZ <br /> the event that any party shouid sell, convey, or otherwise transfer the Property, <br /> or make, execute, deliver and/or record any mortgage, deed of trust, or other , <br /> encumbrance or lien against the title af Property, other than the deed of trust <br /> securing the Peninsuia Habitat Loan, except as expressfy �otherwise permitted <br /> hereunder, such sale, conveyance or other transfer or mortgage, deed of trust, <br /> Iien or other encumbrance is and shall be deemed to be null and void and shall <br /> not entitle any party to any rights, title or claim to or against the title to the <br /> Property. � � <br /> THEREFQRE, the Property shall be held and sold by Peninsula Habitat oniy to <br /> persons who quafify as Eiigible Househofds as hereinafter provided and defined, <br /> and the sale conveyance andlor transfer of the Property shall be made only by <br /> and pursuant to documents that restrict tMe future safe, transfer granting or . <br /> encumbrance of.the Property in a manner that provides the following: <br /> 1. The Peninsula Habitat shall se(l, transfer and convey the Property oniy to <br /> Eligible Householc4s under the terms and conditions herein stated. <br /> 2. As the sale, conveyance or other transfer of the Property by the Owner <br /> thereof,, orthe further encumbering of any Property, is contrary to the purpose <br /> � and intention of the making available the Property to persons who quaiify as <br /> Eligible Househoic�s affordable ownership housing, and the sale, transfer, <br /> conveyance, ar further encumbrance thereof, will fru'strate the �asic purposes for <br /> which the Property was sofd to the Owner, in the event that any Owner or other <br /> party should sell, convey, or otherwise transfer the Property or make, execute, <br /> defiver and/or record any mortgage, deed of trust, lien or other encumbrance or <br /> (ien against the titfe of Properly, other fhan the first deed of trust which <br /> constitutes the Peninsula Habitat Loan, except as expressfy otherwise permitted <br /> hereunder, such sale, conveyance or other transfer or mortgage, deed of trust, <br /> lien or other encumbrance or lien is and shall be deemed to �be nulf and void and <br /> shalf not entitle any party to any rights, title or cfaim to or against the title to the <br /> . Property. . <br /> � 3. Each deed from Peninsula Habitat to a purchaser who is an Efigibls " <br /> Household shall be expressiy made subject t�o an Addendum to Grant Deed with <br /> Power of Termina�ion (the Efigib(e Household Purchase Addendum), in form and <br /> content approved by Grantor, which provides that: � <br /> a. Power of Termination The estabiishment and preservation of housing for <br /> persons who quafify as E(igible Househoids is the main and substantial purpose <br /> of Peninsula Habitat ("Peninsula Habitat"). It is not the intention of Peninsula <br /> Habitat to provide housing ownership whereby persons wil( acquire an equity <br /> ownership in the manner that wou�d provide any owner with any right to receive a <br /> profit upon the resale of the housing so provided by Peninsula Habitat. <br /> -2- <br /> Addendum - h5 � <br /> FXS:fs <br /> 04/14/00 • . <br /> _ _ . ..._.__.. . .. , <br />