Patrick G. & Valerie V. O'Malley - Page 6




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               County.  Therefore, the intent of this Agreement is to                 
               give Subdivider the opportunity to comply with the                     
               County law an subsequently obtain approval of the Sub-                 
               division.                                                              
                    NOW, THEREFORE, WITNESSETH.  That for and in con-                 
               sideration of the natural promises and covenants herein                
               contained, Subdivider and County hereby agree as fol-                  
               lows:                                                                  
                   1.  Subdivider shall convey the lots created in                   
               the Subdivision only to the Subdivider’s father,                       
               mother, son, daughter, stepson, stepdaughter, grandson                 
               or granddaughter.                                                      
                    2.  After conveyance of a lot to a party listed in                
               paragraph 1 above, the grantee of that lot may not                     
               transfer it to a third party for at least five (5)                     
               years from the date of final approval of the Subdivi-                  
               sion except in the case of severe financial hardship,                  
               as determined by the Director of Planning and Code                     
               enforcement.                                                           
                    3.  The parcel of land, out of which the Subdivi-                 
               sion has been created, may not be further subject to a                 
               subdivision as a family conveyance.                                    
                    4.  Each lot created in the Subdivision may not be                
               further subject to a family conveyance subdivision.                    
                    5.  If a lot in the Subdivision is not conveyed to                
               an eligible grantee as set forth in paragraph 1 above,                 
               including a custodian under the Uniform Transfers to                   
               Minors Act or a trusteeship within two (2) years after                 
               final approval of the Subdivision, the final plat or                   
               plats for the Subdivision shall be null and void and                   
               the subdivider shall conform to the ordinances and                     
               regulations in effect at the time or reapplication for                 
               any subdivision approval.                                              
                    6.  Subdivider warrants that (a) each grantee of a                
               lot in the Subdivision has not previously been a                       
               grantee in any other family conveyance subdivision; and                
               (b) Subdivider has owned the parcel of land out of                     
               which the Subdivision is being created since the date                  
               of application for subdivision approval and will con-                  
               tinue to own it until the subdivision is approved.                     







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Last modified: November 10, 2007