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the event that any , <br />party should sell, convey, or otherwise transfer the Property, <br />p Y <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 Eligible 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 grantin g 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 only to <br />. Y <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, or the further purpose <br />encumbering of any Property, is contrary to the ur <br />. p p <br />and intention of the making available the Property to persons who qualify Y as <br />Eligible Households affordable ownership housing, and the sale, transfer, <br />conveyance, or further encumbrance thereof, will frustrate 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 p ermitted <br />hereunder, such safe, conveyance or other transfer or mortgage, deed of trust, <br />lien or other encumbrance or lien 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 expressly made subject to an Addendum to Grant with <br />Power of Termination (the- Eligible Household Purchase Addendum), in form and <br />content approved by Grantor, which provides that: <br />a. Power of Termination. The establishment and preservation of housing for <br />persons who qualify as Eligible Households is the main and substantial ose ur <br />p p <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 />q q Y <br />ownership in the manner that would provide any owner with an right to receive a <br />Y g <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 />