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. 3�.,•. �3 <br /> the event that any party should sell, convey, or otherwise transfer the Properry, <br /> or make, execute, deliver and/or record any mortgage, deed of trust, or other <br /> encumbrance or lien against the title of Property, other than the deed of trust <br /> securing the Peninsula Habitat Loan, except as expressly otherwise permitted <br /> hereunder, such sale, conveyance or other transfer or mortgage, deed of trust, <br /> lien 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 /> THEREFORE, the Property shall be held and sold by Peninsula Habitat only to <br /> persons who qualify as Efigible Households as hereinafter provided and defined, <br /> � � and the sale conveyance and/or transfer of the Property shall be made only by <br /> and pursuant to documents that restrict the future sale, transfer granting or <br /> encumbrance of the Property in a manner that provides the following: <br /> 1. The Peninsula Habitat shall sell, transfer and convey the Property oniy to <br /> Eligible Households 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 qualify as <br /> Eligible Households affordable ownership housing, and the saie, transfer, <br /> conveyance, or further encumbrance thereof, will fru'strate the basic purposes for <br /> which the Property was sold 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 /> deliver and/or record any mortgage, deed of trust, lien or other encumbrance or <br /> lien against the title of Property, other than the first deed of trust which <br /> constitutes the Peninsula Habitat Loan, except as expressly otherwise permitted <br /> hereunder, such sale, conveyance or other transfer or mortgage, deed of trust, <br /> lien or other encumbrance or fien is and shall be deemed to be null and void and <br /> shall not entitle any party to any rights, title or claim to or against the title to the <br /> Property. � — <br /> 3. Each deed from Peninsula Habitat to a purchaser who is an Eligible <br /> Household shall be expressfy made subject to an Addendum to Grant Deed with <br /> Power of Termination (the Eligible Household Purchase Addendum), in form and <br /> content approved by Grantor, which provides fihat: <br /> a. Power of Termination.. The establishment and preservation of housing for <br /> persons who quaiify as Eligible Households 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 will 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 Peninsuta Habitat. <br /> -2- <br /> ' Addendum - h5 ., _ <br /> FXS:fs <br /> 04/14/00 � . <br /> , _ ._ _ . _ __._ _�,.._ _ <br />