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2004-070-RES ADOPTING A PROGRAM OF POOLING LOTS FOR CONSTRUCTION OF NEW SINGLE FAMILY HOUSING ENTITLED THE HOMESTEAD PROGRAM
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2004-070-RES ADOPTING A PROGRAM OF POOLING LOTS FOR CONSTRUCTION OF NEW SINGLE FAMILY HOUSING ENTITLED THE HOMESTEAD PROGRAM
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8/18/2006 4:27:27 PM
Creation date
4/27/2004 2:36:08 PM
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CITY CLERK
Doc Name
2004
Doc Type
Resolution
CITY CLERK - Date
4/12/2004
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<br />d. Following approval of an application by the Director, the applicant shall be provided <br />with a list of available Lots and, following review of said Lots, shall designate a Lot which <br />the applicant desires for use in construction of a new home. Thereafter, the applicant shall <br />enter into an earnest money contract, in such form as the City shall specify, which will <br />authorize the applicant to receive a special warranty deed to the property from the City of <br />Paris as Trustee for the remaining Taxing Entities, on the condition that the applicant shall <br />file for a loan with a reputable lender acceptable to the City to pay the cost of construction <br />of the aforesaid home. Upon approval of said loan application, and funding of the loan, <br />the City shall convey the Lot to the applicant subject to such lien interests as the lender <br />shall require. The earnest money contract shall require the applicant to complete <br />construction of a single family residential home, otherwise in compliance with the <br />requirements of this resolution, within one (1) year of approval and funding of the loan. <br /> <br />e. Approval for participation in the Homestead Program shall not preclude the applicant <br />from participating in other applicable loan assistance or other programs for which the <br />applicant may be qualified. <br /> <br />f. All construction of new homes shall in all things comply with all applicable city codes <br />and ordinances, including but not limited to, the City Building Code, Plumbing Code, <br />Electrical Code, Fire Code, Historical Preservation Ordinance and Zoning Ordinance. <br /> <br />g. Precedent to the transfer of the title deed to the applicant, the City shall obtain detailed <br />title infonnation from a reputable title company regarding the condition of the title to the <br />designated Lot, and if the City is unsatisfied with the condition of the title to said Lot, the <br />City shall notify the applicant accordingly, and said Lot shall be disqualified for use by the <br />applicant and the applicant shall be entitled to select another Lot from the pool. If, <br />however, the title to the Lot is satisfactory to the City, the City shall transfer ownership <br />of the property as provided herein, provided, however, as part of the closing cost of the <br />said transaction, the City shall be reimbursed for all title expenses incurred. <br /> <br />h. For all Lots transferred to the City by the Taxing Entities pursuant to the Homestead <br />Program and this resolution, the City shall be solely responsible for the maintenance of <br />said lots, including mowing, cleaning, etc. <br /> <br />1. Should the applicant fail to obtain the necessary financing for construction of the home <br />within ninety (90) days of execution of the earnest money contract with the City, said <br />contract shall terminate and become null and void and the City shall no longer be obligated <br />under said contract. <br /> <br />Section 7. Houses constructed on the Lots conveyed to the qualified applicants pursuant <br />to this resolution and the Homestead Program shall be subject to the following minimum <br />architectural controls: <br /> <br />-5- <br />
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