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- - ORIGINAL <br /> EXHIBIT C-1 <br /> <br /> ADDENDUM TO GRANT DEED <br />RESTRICTIONS FOR AFFORDABLE OWNERSHIP <br />HOUSING <br /> <br /> THE GRANT MADE BY, AND THE TITLE CONVEYED TO THE GRANTEE <br /> UNDER, THE GRANT DEED TO WHICH THIS ADDENDUM TO GRANT <br /> DEED RESTRICTIONS FOR AFFORDABLE OWNERSHIP HOUSING IS <br /> ATTACHED AND MADE EXPRESSLY SUBJECT TO THE TERMS AND <br /> PROVISIONS STATED IN THIS ADDENDUM TO GRANT DEED. <br /> <br />I. This grant is made with the express understanding and requirement that the <br /> Grantee will improve or cause to be improved the Property hereunder granted by <br /> constructing or causing the construction of a single family residence thereon as affordable <br /> ownership housing for acquisition by certain purchasers who meet the qualifications herein <br /> set forth as "Eligible Households". <br /> <br />II. Grantee shall sell the Property as affordable ownership housing for acquisition by <br />purchasers who qualify as Eligible Households, as herein defined, with the express <br />understanding that purchasers and owners who so qualify as Eligible Households to <br />purchase such housing are receiving a special and unique benefit by a not-for-profit <br />organization, and that such owners are not entitled to receive any fights to equity or <br />appreciation of value of the real propen3, suld to them. To facilitate sale of the Property to <br />such Eligible Households, Grantee will be making or arranghag for financing which will <br />encumber the Property as a deed of trust (the "Habitat Loan"), which will include in the <br />loan obligation of the Habitat Loan, the Restrictions for Affordable Ownership Housing to <br />be secured by a first deed oftmst on the Property. As such, the sale, conveyance or other <br />transfer of the Property by the Owner thereof, or the further encumbering of the Property, <br />is contrary to the purpose and intention of the making available to said persons who <br />qualify as Eligible Households such affordable ownership housing, and the sale, transfer, <br />conveyance, or further encumbrance thereof will frustrate the basic purposes for which the <br />Property is to be sold to the owner. Therefore, in the event that any party should sell, <br />convey, or otherwise transfer the Property, or make, execute, deliver and/or record any <br />mortgage, deed of trust, or other encumbrance or lien against the title of Property, other <br />than the deed of trust securing the Habitat Loan, except as expressly otherwise permitted <br />hereunder, such sale, conveyance or other transfer or mortgage, deed &trust, lien or <br /> <br /> <br />