A copy of the Agreement of Sale attached hereto and made a part hereof as Exhibit 4, will be executed by the Developer and each purchaser for the purchase of a Unit.
Additionally, prospective purchasers of an Affordable Housing Unit will have to acknowledge that they have received a a copy of the Disclosure Statement for Affordable Housing Units, a copy of which is attached hereto as Exhibit 7B, by executing same. In order to verify that a purchaser of an Affordable Housing Unit meets the appropriate income criteria, he will be required to submit an application for certification, in the form annexed hereto as Exhibit 7C, to the Developer at the time of entering into the Agreement of Sale. The Developer will submit the application to the Township's Affordable Housing Agency for review. If the purchaser is not certified as meeting the income criteria for ownership of an Affordable Housing Unit, the Agreement of Sale will be terminated.
A Unit Deed in the form attached hereto as Exhibit 5A will be delivered to each Unit, other than Owners of Affordable Housing Units, at closing to evidence his interest in the Unit. Owners of Affordable Housing Units will receive the form of Unit Deed attached hereto as Exhibit 5B, which includes a recitation that the conveyance is subject to the resale and other restrictions of the Affordable Housing Plan for the Condominium.
In addition to execution of the Agreement of Sale, the Unit Owner will be required to sign the Unit Deed and may be required to sign the Home Owners Warranty Agreement. No membership or share certificate in the Association is required.
