05-H Homestead Program Res 3 - Laserfiche WebLink

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loan with a reputable lender acceptable to the City to pay the cost of construction of the aforesaid home. Upon approval of said loan application, and funding of the loan, the City shall convey the Lot to the applicant subject to such lien interests as the lender shall require. The earnest money contract shall require the applicant to complete construction of a single family residential home, otherwise in compliance with the requirements of this resolution, within one (1) year of approval and funding of the loan. e. Approval for participation in the Homestead Program shall not preclude the applicant from participating in other applicable loan assistance or other programs for which the applicant may be qualified. f. All construction of new homes shall in all things comply with all applicable city codes and ordinances, including but not limited to, the City Building Code, Plumbing Code, Electrical Code, Fire Code, Historical Preservation Ordinance and Zoning Ordinance. g. Precedent to the transfer of the title deed to the applicant, the City shall obtain detailed title information from a reputable title company regarding the condition of the title to the designated Lot, and if the City is unsatisfied with the condition of the title to said Lot, the City shall notify the applicant accordingly, and said Lot shall be disqualified for use by the applicant and the applicant shall be entitled to select another Lot from the pool. If, however, the title to the Lot is satisfactory to the City, the City shall transfer ownership of the property as provided herein, provided, however, as part of the closing cost of the said transaction, the City shall be reimbursed for all title expenses incurred. h. For all Lots transferred to the City by the Taxing Entities pursuant to the Homestead Program and this resolution, the City shall be solely responsible for the maintenance of said lots, including mowing, cleaning, etc. i. Should the applicant fail to obtain the necessary financing for construction of the home within ninety (90) days of execution of the earnest money contract with the City, said contract shall terminate and become null and void and the City shall no longer be obligated under said contract. Section 7. Houses constructed on the Lots conveyed to the qualified applicants pursuant to this resolution and the Homestead Program shall be subject to the following minimum architectural controls: a. Each structure shall be constructed on a permanent concrete foundation; and, b. Each structure shall be constructed with sloped roofs with a minimum 6 to 12 pitch; and, -5-